(Bloomberg) -- Bank of New York Mellon, the world’s second- largest custody bank, reported a third-quarter profit that beat analysts’ estimates as the company cut expenses to offset the impact of lower interest rates.

Net income fell 23 percent to $820 million, or 74 cents a share, from $1.07 billion, or 93 cents, a year earlier, when profit was boosted by asset sales, the New York-based company said Tuesday in a statement. Earnings topped the 71 cent per- share estimate of 20 analysts surveyed by Bloomberg, while revenue fell short.

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