Bank of New York Mellon Corp. said Wednesday that quarterly profit fell 43 percent after the asset management and servicing giant took charges for repaying government bailout money and writing down the value of some investments.

Shares of the company, the world’s largest trust bank, were down nearly 4 percent in premarket trading.

Net income dropped to $176 million, or 15 cents a share, in the second quarter from $309 million, or 27 cents a share, a year earlier.

Income from continuing operations attributable to common shareholders fell to $267 million, or 23 cents per share, from $303 million, or 26 cents a share.

Excluding items, earnings stood at 57 cents per share, down from 82 cents a year earlier, but exceeding Wall Street analysts’ expectations of 53 cents.

The company said earnings were reduced by 23 cents per share because it had repaid the $3 billion in government bailout money received last year as part of the Troubled Asset Relief Program. It also paid a special assessment to the Federal Deposit Insurance Corp.

Fee and other revenue totaled $2.26 billion, down 24 percent from a year earlier, but up 6 percent from the first quarter.

The company said securities portfolio losses had climbed to $256 million from $152 million.

"Investment losses remain stubbornly high primarily due to continued deterioration in the residential housing market," Chief Executive Robert Kelly said in a statement.

The company said it would pay a quarterly dividend of 9 cents a share, keeping the payout unchanged from the first quarter, when it was cut from 24 cents in the prior quarter.

Assets under custody and administration totaled $20.7 trillion, down 10 percent from a year earlier, but up 6 percent from the first quarter.

Assets under management, excluding securities lending assets, stood at $926 billion, down 17 percent from a year earlier, but up 5 percent from the last quarter.

Bank of New York Mellon shares were down 3.8 percent at $28 in trading before the market opened.