Bank of New York Mellon Corp.(NYSE: BK)reported its third quarter earnings and beat estimates in both revenue and earnings, but the bank’s shares fell over 4 percent by midday on Thursday.

The bank reported earnings of $983 million or $0.94 per share, beating Thomson Reuters estimates by $0.02, and increasing 4 percent  year over year. Total revenue was $4.02 billion, beating estimates by $10 million, and increasing 2 percent year over year.

The bank’s foreign exchange revenue decreased 10 percent. BNY’s foreign exchange revenue has been on a decline in the previous quarter due to the same unfavorable outcomes of lower volatility and lower Depository Receipt-related foreign exchange activity.

Net interest revenue increased 8 percent driven primarily by higher interest rates, but offset by lower average deposits and loans.

The bank’s assets under custody increased by 6 percent up to $32.2 trillion. The bank’s assets under management increased by 6 percent as well up to $1.82 trillion.

BNY also repurchased 12 million common shares for $650 million and paid $253 million in dividends to common shareholders in the third quarter.

“While satisfied with our progress, our leadership team is not satisfied with our performance, as we see further opportunities to drive revenue growth and increase our efficiencies. We will do this while maintaining our strong capital position and continuing to deliver high returns to our shareholders,” Charles W. Scharf, chief executive officer, said.

Even with the better than expected increased performance and earnings, BNY’s third quarter earnings did not perform up to par with what investors had hoped for, as shares fell sharply at open on Thursday.

ill underperforming compared to its competitors, according to Reuters.

“They’re not producing the revenue growth that we’re seeing in State Street or Northern Trust,” said Marty Mosby, Vining Sparks analyst.

BNY rivals State Street Corp revenue climbed 11 percent last quarter and Northern Trust Corp increased almost 10 percent.