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UPDATE 1-BNY Mellon profit rises 37 pct on tax gain

(Adds details on Q4 results)

Jan 18 (Reuters) - Bank of New York Mellon Corp reported a 37 percent rise in fourth-quarter profit on Thursday, benefiting from a one-time gain of $427 million from the federal tax overhaul.

BNY Mellon, the world's largest custodian bank, said net income applicable to common shareholders rose to $1.13 billion, or $1.08 per share, in the quarter ended Dec. 31, from $822 million, or 77 cents per share, a year earlier.

Analysts on average had expected earnings of 91 cents per share, according to Thomson Reuters I/B/E/S. However, it was not immediately clear if the numbers were comparable.

Adjusted net interest revenue rose 2.25 percent to $862 million, benefiting from the three hikes in benchmark interest rate by the Federal Reserve in 2017. BNY Mellon's non-interest expenses rose 14.25 percent to $3 billion.

On an adjusted basis, the bank's total revenue fell 1.8 percent to $3.72 billion.

The company's assets under custody and administration rose 3.42 percent sequentially to $33.3 trillion as of Dec.31.

Shares of BNY Mellon were up nearly 2 percent at $57.89 in premarket trading.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Arun Koyyur)