(Bloomberg) -- The Bank of New York Mellon Corp. reported first-quarter revenue that topped estimates as the oldest US lender benefited from higher market values and increased client activity.

Total revenue rose 2.5% to $4.5 billion in the three months through March from a year earlier, exceeding the $4.4 billion estimated by analysts tracked by Bloomberg. Total fees and other revenue climbed about 6% to $3.49 billion for the quarter, also beating expectations.

“We are starting to see our growth initiatives deliver results,” Chief Executive Officer Robin Vince said in a statement on Tuesday. “While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us.”

BNY Mellon reported net interest income of $1.04 billion for the quarter. That figure beat a Bloomberg consensus of analysts’ estimates, but declined from the same period last year.

The shares of the 240-year-old institution are up 5.8% for the year, compared with a 2.5% gain in the KBW Bank Index. Alexander Hamilton founded the bank in 1784.

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