Summary
The Bank of New York Mellon Corporation (BK) reported solid financial results for the third quarter of 2024, demonstrating resilience and strategic growth. Total revenue increased by 6% year-over-year, driven by a 5% rise in fee revenue, primarily due to higher market values, net new business, and improved foreign exchange revenue. Net interest income also saw a 3% increase, benefiting from improved investment securities portfolio yields and balance sheet growth. BNY Mellon's assets under custody and/or administration (AUC/A) grew by 14% to $52.1 trillion, and assets under management (AUM) increased by 18% to $2.1 trillion, reflecting strong market performance and client inflows. The company also continued its commitment to shareholders, increasing its quarterly cash dividend by 12% and repurchasing $725 million in common shares. Capital ratios remain robust, with a CET1 ratio of 11.9% under the Standardized Approach, well above regulatory minimums. The acquisition of Archer Holdco, LLC, closed on November 1, 2024, further strengthening BNY Mellon's managed account solutions capabilities.
Financial Highlights
37 data points| Net Income | $1.18B |
| EPS (Basic) | $1.51 |
| EPS (Diluted) | $1.50 |
| Shares Outstanding (Basic) | 736.55M |
| Shares Outstanding (Diluted) | 742.08M |
Key Highlights
- 1Total revenue increased 6% year-over-year to $4.6 billion, driven by a 5% increase in fee revenue.
- 2Assets under custody and/or administration (AUC/A) grew 14% to $52.1 trillion.
- 3Assets under management (AUM) increased 18% to $2.1 trillion.
- 4Net income applicable to common shareholders was $1.11 billion ($1.50 per diluted share), with adjusted net income of $1.13 billion ($1.52 per diluted share).
- 5The company increased its quarterly cash dividend by 12% to $0.47 per share.
- 6Common share repurchases totaled $725 million in the quarter.
- 7BNY Mellon completed the acquisition of Archer Holdco, LLC on November 1, 2024.