Bank of New York Mellon Corp said on Wednesday earnings from continuing operations rose sharply in the fourth quarter on increased assets under custody and administration.

BNY Mellon, one of the world's largest custody banks, said earnings from continuing operations jumped to $712 million from $50 million a year earlier.

Income per share was 59 cents, adjusted to include a tax benefit of 4 cents. Analysts had expected 51 cents a share, according to a survey by Thomson Reuters I/B/E/S.

Assets under custody and administration were $22.3 trillion at December 31, up 10 percent from a year earlier.

Asset and wealth-management fees were $736 million, up 5 percent from a year earlier and up 13 percent from the third quarter.

Among other products, BNY Mellon competes with banks including State Street Corp to provide shareholder services. Both banks are among those under intense political scrutiny after receiving billions of dollars in bailout funds at the peak of the financial crisis.

Shares of BNY Mellon closed at $29.53 on Tuesday. They have risen from around $26 at the start of November.

(Reporting by Ross Kerber; editing by John Wallace)