Mellon Financial Corp. Tuesday reported a 24% increase in first-quarter earnings, owing to a $197 million gain from the sale of a stake in Japan's Shinsei Bank.

Mellon, which owns the Dreyfus mutual funds, said net income for the quarter rose to $255 million, or 60 cents a share, from $245 million, or 57 cents a share, a year earlier. That figure beat analysts' mean estimate of 44 cents a share.

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