Bank of New York Mellon joined the chorus of big banks reporting blowout results for the second quarter, during which earnings soared on higher interest income and fee revenue. The bank posted net income of $1.7 billion, or $2.45 a share, up from $1.39 billion, or $1.93 a share, in the same quarter a year earlier.

Stripping out one-time items, adjusted earnings were $2.46 a share. Analysts polled by Fact Set had been expecting $2.23 a share. Total revenue climbed 13% from a year earlier to $5.7 billion, shooting past analyst estimates for $5.4 billion.

The results reflect continued strength in the bank's custody and asset servicing businesses, which benefit from higher interest rates and market volatility driving client activity.