Fri, Aug 2, 11:03 AM (88 days ago)
The Bank of New York Mellon Corporation's Q2 2024 financial report highlights a solid performance with net income applicable to common shareholders of $1,143 million, up from $953 million in Q1 2024 and $1,036 million in Q2 2023. Basic earnings per share were $1.53, compared to $1.26 in Q1 2024 and $1.32 in Q2 2023. Total revenue for Q2 2024 was $4,597 million, a 2% increase from both Q1 2024 and Q2 2023. Fee revenue grew by 4% year-over-year, driven by higher market values and client activity. However, net interest income decreased by 6% year-over-year due to changes in balance sheet mix. Noninterest expenses were down 1% year-over-year, reflecting efficiency savings and a reduction in the FDIC special assessment. The CET1 ratio under the Standardized Approach was 11.4%, and the Tier 1 leverage ratio was 5.8%. The company returned $923 million to common shareholders, including $601 million in share repurchases.