10/11/2024 | Press release | Distributed by Public on 10/11/2024 04:31
CEO COMMENTARY | |
BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution against our strategic priorities, with assets under custody and/or administration exceeding $50 trillion for the first time.
The company reported earnings per share of $1.50, up 22% year-over-year. Excluding the impact of notable items, earnings per share were $1.52, up 20% year-over-year, and we generated a return on tangible common equity of 23% in the third quarter.
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Our actions to run our company better, including our ongoing transition to a platforms operating model, are starting to deliver progress toward our medium-term financial targets and additional capacity to reinvest for growth through new and enhanced client solutions. In the third quarter, this focus on being more for our clients included the announcement of the planned acquisition of Archer, that will deliver an enterprise solution to clients in the fast-growing managed account ecosystem, and the introduction of Alts Bridge to broaden investor access to Alternatives. | |
Powering our one-BNY culture is essential to continued execution, and I want to thank our employees for their hard work. The combination of our talented team, our portfolio of leading businesses working together, and the strength of our balance sheet, gives us a great foundation to deliver more to our clients and drive sustainable, long-term shareholder value. | |
- Robin Vince, President and Chief Executive Officer
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KEY FINANCIAL INFORMATION | ||||||
(dollars in millions, except per share amounts and unless otherwise noted) | 3Q24 vs. | |||||
3Q24 | 2Q24 | 3Q23 | ||||
Selected income statement data: | ||||||
Total fee revenue | $ | 3,404 | - | % | 5 | % |
Investment and other revenue | 196 | N/M | N/M | |||
Net interest income | 1,048 | 2 | 3 | |||
Total revenue | $ | 4,648 | 1 | % | 5 | % |
Provision for credit losses | 23 | N/M | N/M | |||
Noninterest expense | $ | 3,100 | 1 | % | - | % |
Net income applicable to common shareholders | $ | 1,110 | (3) | % | 16 | % |
Diluted EPS | $ | 1.50 | (1) | % | 22 | % |
Selected metrics: | ||||||
AUC/A (in trillions)
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$ | 52.1 | 5 | % | 14 | % |
AUM (in trillions)
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$ | 2.1 | 5 | % | 18 | % |
Financial ratios: | 3Q24 | 2Q24 | 3Q23 | |||
Pre-tax operating margin | 33 | % | 33 | % | 30 | % |
ROE | 12.0 | % | 12.7 | % | 10.6 | % |
ROTCE (a)
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22.8 | % | 24.6 | % | 20.6 | % |
Capital ratios: | ||||||
Tier 1 leverage ratio | 6.0 | % | 5.8 | % | 6.1 | % |
CET1 ratio | 11.9 | % | 11.4 | % | 11.3 | % |
HIGHLIGHTS |
$1.50
EPS
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$1.52(a)
Adj. EPS
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33%
Pre-tax margin
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33%(a)
Adj. Pre-tax margin
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12.0%
ROE
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23.2%(a)
Adj. ROTCE
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(a) For information on the Non-GAAP measures, see "Explanation of GAAP and Non-GAAP financial measures" beginning on page 9. | |
Note: Above comparisons are 3Q24 vs. 3Q23, unless otherwise noted. | |
Investor Relations: Marius Merz (212) 298-1480
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Media Relations: Garrett Marquis (949) 683-1503
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BNY 3Q24 Financial Results
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(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M) | 3Q24 vs. | |||||||||
3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | ||||||
Fee revenue | $ | 3,404 | $ | 3,398 | $ | 3,245 | - | % | 5 | % |
Investment and other revenue | 196 | 169 | 159 | N/M | N/M | |||||
Total fee and other revenue | 3,600 | 3,567 | 3,404 | 1 | 6 | |||||
Net interest income | 1,048 | 1,030 | 1,016 | 2 | 3 | |||||
Total revenue | 4,648 | 4,597 | 4,420 | 1 | 5 | |||||
Provision for credit losses | 23 | - | 3 | N/M | N/M | |||||
Noninterest expense | 3,100 | 3,070 | 3,089 | 1 | - | |||||
Income before taxes | 1,525 | 1,527 | 1,328 | - | 15 | |||||
Provision for income taxes | 336 | 357 | 285 | (6) | 18 | |||||
Net income | $ | 1,189 | $ | 1,170 | $ | 1,043 | 2 | % | 14 | % |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,110 | $ | 1,143 | $ | 958 | (3) | % | 16 | % |
Operating leverage (a)
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13 | bps | 480 | bps | ||||||
Diluted earnings per common share | $ | 1.50 | $ | 1.52 | $ | 1.23 | (1) | % | 22 | % |
Average common shares and equivalents outstanding - diluted (in thousands)
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742,080 | 751,596 | 781,781 | |||||||
Pre-tax operating margin | 33 | % | 33 | % | 30 | % | ||||
Metrics: | ||||||||||
Average loans | $ | 69,205 | $ | 68,283 | $ | 63,962 | 1 | % | 8 | % |
Average deposits | 284,686 | 284,843 | 262,108 | - | 9 | |||||
AUC/A at period end (in trillions) (current period is preliminary)
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52.1 | 49.5 | 45.7 | 5 | 14 | |||||
AUM at period end (in trillions) (current period is preliminary)
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2.14 | 2.05 | 1.82 | 5 | 18 | |||||
Non-GAAP measures, excluding notable items:(b)
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||||||||||
Adjusted total revenue | $ | 4,648 | $ | 4,597 | $ | 4,418 | 1 | % | 5 | % |
Adjusted noninterest expense | $ | 3,075 | $ | 3,077 | $ | 3,043 | -% | 1 | % | |
Adjusted operating leverage (a)
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117 | bps | 416 | bps | ||||||
Adjusted diluted earnings per common share | $ | 1.52 | $ | 1.51 | $ | 1.27 | 1 | % | 20 | % |
Adjusted pre-tax operating margin | 33 | % | 33 | % | 31 | % |
2
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BNY 3Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 3Q24 vs. | |||||||||
3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | ||||||
Investment services fees: | ||||||||||
Asset Servicing | $ | 1,021 | $ | 1,018 | $ | 976 | - | % | 5 | % |
Issuer Services | 285 | 322 | 281 | (11) | 1 | |||||
Total investment services fees | 1,306 | 1,340 | 1,257 | (3) | 4 | |||||
Foreign exchange revenue | 137 | 144 | 107 | (5) | 28 | |||||
Other fees (a)
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57 | 56 | 52 | 2 | 10 | |||||
Total fee revenue | 1,500 | 1,540 | 1,416 | (3) | 6 | |||||
Investment and other revenue | 105 | 104 | 65 | N/M | N/M | |||||
Total fee and other revenue | 1,605 | 1,644 | 1,481 | (2) | 8 | |||||
Net interest income | 609 | 595 | 600 | 2 | 2 | |||||
Total revenue | 2,214 | 2,239 | 2,081 | (1) | 6 | |||||
Provision for credit losses | 15 | (3) | 19 | N/M | N/M | |||||
Noninterest expense | 1,557 | 1,554 | 1,598 | - | (3) | |||||
Income before taxes | $ | 642 | $ | 688 | $ | 464 | (7) | % | 38 | % |
Total revenue by line of business: | ||||||||||
Asset Servicing | $ | 1,720 | $ | 1,687 | $ | 1,585 | 2 | % | 9 | % |
Issuer Services | 494 | 552 | 496 | (11) | - | |||||
Total revenue by line of business | $ | 2,214 | $ | 2,239 | $ | 2,081 | (1) | % | 6 | % |
Pre-tax operating margin | 29 | % | 31 | % | 22 | % | ||||
Securities lending revenue (b)
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$ | 47 | $ | 46 | $ | 46 | 2 | % | 2 | % |
Metrics: | ||||||||||
Average loans | $ | 11,077 | $ | 11,103 | $ | 11,236 | - | % | (1) | % |
Average deposits | $ | 180,500 | $ | 178,495 | $ | 162,509 | 1 | % | 11 | % |
AUC/A at period end (in trillions) (current period is preliminary) (c)
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$ | 37.5 | $ | 35.7 | $ | 32.3 | 5 | % | 16 | % |
Market value of securities on loan at period end (in billions) (d)
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$ | 484 | $ | 481 | $ | 406 | 1 | % | 19 | % |
3
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BNY 3Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 3Q24 vs. | |||||||||
3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | ||||||
Investment services fees: | ||||||||||
Pershing | $ | 475 | $ | 474 | $ | 478 | - | % | (1) | % |
Treasury Services | 200 | 202 | 180 | (1) | 11 | |||||
Clearance and Collateral Management | 354 | 338 | 305 | 5 | 16 | |||||
Total investment services fees | 1,029 | 1,014 | 963 | 1 | 7 | |||||
Foreign exchange revenue | 23 | 23 | 21 | - | 10 | |||||
Other fees (a)
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58 | 58 | 49 | - | 18 | |||||
Total fee revenue | 1,110 | 1,095 | 1,033 | 1 | 7 | |||||
Investment and other revenue | 20 | 23 | 16 | N/M | N/M | |||||
Total fee and other revenue | 1,130 | 1,118 | 1,049 | 1 | 8 | |||||
Net interest income | 415 | 417 | 401 | - | 3 | |||||
Total revenue | 1,545 | 1,535 | 1,450 | 1 | 7 | |||||
Provision for credit losses | 7 | (2) | 6 | N/M | N/M | |||||
Noninterest expense | 834 | 833 | 792 | - | 5 | |||||
Income before taxes | $ | 704 | $ | 704 | $ | 652 | - | % | 8 | % |
Total revenue by line of business: | ||||||||||
Pershing | $ | 649 | $ | 663 | $ | 657 | (2) | % | (1) | % |
Treasury Services | 424 | 426 | 397 | - | 7 | |||||
Clearance and Collateral Management | 472 | 446 | 396 | 6 | 19 | |||||
Total revenue by line of business | $ | 1,545 | $ | 1,535 | $ | 1,450 | 1 | % | 7 | % |
Pre-tax operating margin | 46 | % | 46 | % | 45 | % | ||||
Metrics: | ||||||||||
Average loans | $ | 42,730 | $ | 41,893 | $ | 37,496 | 2 | % | 14 | % |
Average deposits | $ | 88,856 | $ | 91,371 | $ | 84,000 | (3) | % | 6 | % |
AUC/A at period end (in trillions) (current period is preliminary) (b)
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$ | 14.3 | $ | 13.4 | $ | 13.1 | 7 | % | 9 | % |
4
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BNY 3Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 3Q24 vs. | |||||||||
3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | ||||||
Investment management fees | $ | 782 | $ | 754 | $ | 748 | 4 | % | 5 | % |
Performance fees | 13 | 8 | 30 | N/M | N/M | |||||
Investment management and performance fees | 795 | 762 | 778 | 4 | 2 | |||||
Distribution and servicing fees | 68 | 69 | 62 | (1) | 10 | |||||
Other fees (a)
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(68) | (64) | (50) | N/M | N/M | |||||
Total fee revenue | 795 | 767 | 790 | 4 | 1 | |||||
Investment and other revenue (b)
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9 | 11 | 1 | N/M | N/M | |||||
Total fee and other revenue (b)
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804 | 778 | 791 | 3 | 2 | |||||
Net interest income | 45 | 43 | 39 | 5 | 15 | |||||
Total revenue | 849 | 821 | 830 | 3 | 2 | |||||
Provision for credit losses | 1 | 4 | (9) | N/M | N/M | |||||
Noninterest expense | 672 | 668 | 675 | 1 | - | |||||
Income before taxes | $ | 176 | $ | 149 | $ | 164 | 18 | % | 7 | % |
Total revenue by line of business: | ||||||||||
Investment Management | $ | 569 | $ | 549 | $ | 565 | 4 | % | 1 | % |
Wealth Management | 280 | 272 | 265 | 3 | 6 | |||||
Total revenue by line of business | $ | 849 | $ | 821 | $ | 830 | 3 | % | 2 | % |
Pre-tax operating margin | 21 | % | 18 | % | 20 | % | ||||
Adjusted pre-tax operating margin - Non-GAAP (c)
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23 | % | 20 | % | 22 | % | ||||
Metrics: | ||||||||||
Average loans | $ | 13,648 | $ | 13,520 | $ | 13,519 | 1 | % | 1 | % |
Average deposits | $ | 10,032 | $ | 11,005 | $ | 13,578 | (9) | % | (26) | % |
AUM (in billions) (current period is preliminary) (d)
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$ | 2,144 | $ | 2,045 | $ | 1,821 | 5 | % | 18 | % |
Wealth Management client assets (in billions) (current period is preliminary) (e)
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$ | 333 | $ | 308 | $ | 292 | 8 | % | 14 | % |
5
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BNY 3Q24 Financial Results
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(dollars in millions) | 3Q24 | 2Q24 | 3Q23 | |||
Fee revenue | $ | (1) | $ | (4) | $ | 6 |
Investment and other revenue | 55 | 29 | 74 | |||
Total fee and other revenue | 54 | 25 | 80 | |||
Net interest (expense) | (21) | (25) | (24) | |||
Total revenue | 33 | - | 56 | |||
Provision for credit losses | - | 1 | (13) | |||
Noninterest expense | 37 | 15 | 24 | |||
(Loss) income before taxes | $ | (4) | $ | (16) | $ | 45 |
6
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BNY 3Q24 Financial Results
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Capital and liquidity ratios | Sept. 30, 2024 | June 30, 2024 | Dec. 31, 2023 | |||
Consolidated regulatory capital ratios: (a)
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CET1 ratio | 11.9 | % | 11.4 | % | 11.5 | % |
Tier 1 capital ratio | 14.5 | 14.0 | 14.2 | |||
Total capital ratio | 15.6 | 15.0 | 14.9 | |||
Tier 1 leverage ratio (a)
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6.0 | 5.8 | 6.0 | |||
Supplementary leverage ratio (a)
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7.0 | 6.8 | 7.3 | |||
BNY shareholders' equity to total assets ratio | 9.8 | % | 9.5 | % | 9.9 | % |
BNY common shareholders' equity to total assets ratio | 8.8 | % | 8.5 | % | 8.9 | % |
Average LCR (a)
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116 | % | 115 | % | 117 | % |
Average NSFR (a)
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132 | % | 132 | % | 135 | % |
Book value per common share | $ | 51.78 | $ | 49.46 | $ | 47.97 |
Tangible book value per common share - Non-GAAP (b)
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$ | 28.01 | $ | 26.19 | $ | 25.25 |
Common shares outstanding (in thousands)
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727,078 | 737,957 | 759,344 |
Net interest income | 3Q24 vs. | |||||||||
(dollars in millions; not meaningful - N/M) | 3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | |||||
Net interest income | $ | 1,048 | $ | 1,030 | $ | 1,016 | 2% | 3% | ||
Add: Tax equivalent adjustment | - | 1 | - | N/M | N/M | |||||
Net interest income, on a fully taxable equivalent ("FTE") basis - Non-GAAP (a)
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$ | 1,048 | $ | 1,031 | $ | 1,016 | 2% | 3% | ||
Net interest margin | 1.16 | % | 1.15 | % | 1.18 | % | 1 | bps | (2) | bps |
Net interest margin (FTE) - Non-GAAP (a)
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1.16 | % | 1.15 | % | 1.18 | % | 1 | bps | (2) | bps |
7
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BNY 3Q24 Financial Results
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(dollars in millions) | Quarter ended | Year-to-date | ||||||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||||||
Fee and other revenue | ||||||||||
Investment services fees | $ | 2,344 | $ | 2,359 | $ | 2,230 | $ | 6,981 | $ | 6,601 |
Investment management and performance fees | 794 | 761 | 777 | 2,331 | 2,315 | |||||
Foreign exchange revenue | 175 | 184 | 154 | 511 | 488 | |||||
Financing-related fees | 53 | 53 | 45 | 163 | 147 | |||||
Distribution and servicing fees | 38 | 41 | 39 | 121 | 107 | |||||
Total fee revenue | 3,404 | 3,398 | 3,245 | 10,107 | 9,658 | |||||
Investment and other revenue | 196 | 169 | 159 | 547 | 437 | |||||
Total fee and other revenue | 3,600 | 3,567 | 3,404 | 10,654 | 10,095 | |||||
Net interest income | ||||||||||
Interest income | 6,652 | 6,392 | 5,519 | 19,140 | 14,685 | |||||
Interest expense | 5,604 | 5,362 | 4,503 | 16,022 | 11,441 | |||||
Net interest income | 1,048 | 1,030 | 1,016 | 3,118 | 3,244 | |||||
Total revenue | 4,648 | 4,597 | 4,420 | 13,772 | 13,339 | |||||
Provision for credit losses | 23 | - | 3 | 50 | 35 | |||||
Noninterest expense | ||||||||||
Staff | 1,736 | 1,720 | 1,755 | 5,313 | 5,264 | |||||
Software and equipment | 491 | 476 | 452 | 1,442 | 1,331 | |||||
Professional, legal and other purchased services | 370 | 374 | 368 | 1,093 | 1,121 | |||||
Net occupancy | 130 | 134 | 140 | 388 | 380 | |||||
Sub-custodian and clearing | 117 | 134 | 121 | 370 | 358 | |||||
Distribution and servicing | 90 | 88 | 87 | 274 | 265 | |||||
Business development | 48 | 50 | 36 | 134 | 122 | |||||
Bank assessment charges | 10 | (7) | 37 | 20 | 118 | |||||
Amortization of intangible assets | 12 | 13 | 15 | 37 | 43 | |||||
Other | 96 | 88 | 78 | 275 | 298 | |||||
Total noninterest expense | 3,100 | 3,070 | 3,089 | 9,346 | 9,300 | |||||
Income | ||||||||||
Income before taxes | 1,525 | 1,527 | 1,328 | 4,376 | 4,004 | |||||
Provision for income taxes | 336 | 357 | 285 | 990 | 906 | |||||
Net income | 1,189 | 1,170 | 1,043 | 3,386 | 3,098 | |||||
Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (7) | (2) | (3) | (11) | (4) | |||||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,182 | 1,168 | 1,040 | 3,375 | 3,094 | |||||
Preferred stock dividends | (72) | (25) | (82) | (169) | (189) | |||||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 1,110 | $ | 1,143 | $ | 958 | $ | 3,206 | $ | 2,905 |
Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation | Quarter ended | Year-to-date | ||||||||
Sept. 30, 2024 | June 30, 2024 | Sept. 30, 2023 | Sept. 30, 2024 | Sept. 30, 2023 | ||||||
(in dollars) | ||||||||||
Basic | $ | 1.51 | $ | 1.53 | $ | 1.23 | $ | 4.29 | $ | 3.68 |
Diluted | $ | 1.50 | $ | 1.52 | $ | 1.23 | $ | 4.26 | $ | 3.66 |
8
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BNY 3Q24 Financial Results
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Reconciliation of Non-GAAP measures, excluding notable items | 3Q24 vs. | |||||||||||
(dollars in millions, except per share amounts) | 3Q24 | 2Q24 | 3Q23 | 2Q24 | 3Q23 | |||||||
Total revenue - GAAP | $ | 4,648 | $ | 4,597 | $ | 4,420 | 1 | % | 5 | % | ||
Less: Disposal gain (a)
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- | - | 2 | |||||||||
Adjusted total revenue - Non-GAAP | $ | 4,648 | $ | 4,597 | $ | 4,418 | 1 | % | 5 | % | ||
Noninterest expense - GAAP | $ | 3,100 | $ | 3,070 | $ | 3,089 | 1 | % | - | % | ||
Less: Severance expense (b)
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40 | 29 | 41 | |||||||||
Litigation reserves (b)
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2 | 2 | 5 | |||||||||
FDIC special assessment (b)
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(17) | (38) | - | |||||||||
Adjusted noninterest expense - Non-GAAP | $ | 3,075 | $ | 3,077 | $ | 3,043 | - | % | 1 | % | ||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP | $ | 1,110 | $ | 1,143 | $ | 958 | (3) | % | 16 | % | ||
Less: Disposal gain (a)
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- | - | - | |||||||||
Severance expense (b)
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(31) | (22) | (32) | |||||||||
Litigation reserves (b)
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(2) | - | (4) | |||||||||
FDIC special assessment (b)
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13 | 29 | - | |||||||||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation - Non-GAAP | $ | 1,130 | $ | 1,136 | $ | 994 | (1) | % | 14 | % | ||
Diluted earnings per common share - GAAP | $ | 1.50 | $ | 1.52 | $ | 1.23 | (1) | % | 22 | % | ||
Less: Disposal gain (a)
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- | - | - | |||||||||
Severance expense (b)
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(0.04) | (0.03) | (0.04) | |||||||||
Litigation reserves (b)
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- | - | (0.01) | |||||||||
FDIC special assessment (b)
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0.02 | 0.04 | - | |||||||||
Total diluted earnings per common share impact of notable items | (0.03) | (c) | 0.01 | (0.05) | ||||||||
Adjusted diluted earnings per common share - Non-GAAP | $ | 1.52 | (c) | $ | 1.51 | $ | 1.27 | (c) | 1 | % | 20 | % |
Operating leverage - GAAP (d)
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13 | bps | 480 | bps | ||||||||
Adjusted operating leverage - Non-GAAP (d)
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117 | bps | 416 | bps |
9
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BNY 3Q24 Financial Results
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Pre-tax operating margin reconciliation | ||||||
(dollars in millions) | 3Q24 | 2Q24 | 3Q23 | |||
Income before taxes - GAAP | $ | 1,525 | $ | 1,527 | $ | 1,328 |
Impact of notable items (a)
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(25) | 7 | (44) | |||
Adjusted income before taxes, excluding notable items - Non-GAAP | $ | 1,550 | $ | 1,520 | $ | 1,372 |
Total revenue - GAAP | $ | 4,648 | $ | 4,597 | $ | 4,420 |
Impact of notable items (a)
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- | - | 2 | |||
Adjusted total revenue, excluding notable items - Non-GAAP | $ | 4,648 | $ | 4,597 | $ | 4,418 |
Pre-tax operating margin - GAAP (b)
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33 | % | 33 | % | 30 | % |
Adjusted pre-tax operating margin - Non-GAAP (b)
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33 | % | 33 | % | 31 | % |
Return on common equity and return on tangible common equity reconciliation | ||||||
(dollars in millions) | 3Q24 | 2Q24 | 3Q23 | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP | $ | 1,110 | $ | 1,143 | $ | 958 |
Add: Amortization of intangible assets | 12 | 13 | 15 | |||
Less: Tax impact of amortization of intangible assets | 3 | 3 | 3 | |||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets - Non-GAAP | $ | 1,119 | $ | 1,153 | $ | 970 |
Impact of notable items (a)
|
(20) | 7 | (36) | |||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items - Non-GAAP | $ | 1,139 | $ | 1,146 | $ | 1,006 |
Average common shareholders' equity | $ | 36,772 | $ | 36,044 | $ | 35,873 |
Less: Average goodwill | 16,281 | 16,229 | 16,237 | |||
Average intangible assets | 2,827 | 2,834 | 2,875 | |||
Add: Deferred tax liability - tax deductible goodwill | 1,220 | 1,213 | 1,197 | |||
Deferred tax liability - intangible assets | 656 | 655 | 657 | |||
Average tangible common shareholders' equity - Non-GAAP | $ | 19,540 | $ | 18,849 | $ | 18,615 |
Return on common equity - GAAP (b)
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12.0 | % | 12.7 | % | 10.6 | % |
Adjusted return on common equity - Non-GAAP (b)
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12.2 | % | 12.7 | % | 11.0 | % |
Return on tangible common equity - Non-GAAP (b)
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22.8 | % | 24.6 | % | 20.6 | % |
Adjusted return on tangible common equity - Non-GAAP (b)
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23.2 | % | 24.4 | % | 21.4 | % |
10
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BNY 3Q24 Financial Results
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11
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