BNY Mellon Files Q2 2024 10-Q Report

TL;DR

BK's Q2 2024 10-Q is in - check financials for the latest.

AI Summary

Bank of New York Mellon Corp (BK) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is crucial for investors and analysts to assess the bank's health and future prospects.

Why It Matters

This filing provides investors with a detailed look into BNY Mellon's financial standing for the second quarter of 2024, impacting investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — Quarterly reports can reveal significant financial shifts, regulatory changes, or market impacts that affect a company's stability.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the quarter for which financial data is reported.)
• 2024-06-30 — Period End Date (The specific date marking the end of the financial reporting period.)
• 2024-08-02 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Bank of New York Mellon Corp (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date of the report
• 0001390777 (company) — Central Index Key for BNY Mellon

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value BK New York Stock Exchange 6
• $1.7 — Canadian Imperial Bank of Commerce, of $1.7 trillion at June 30, 2024 and March 31,
• $1.6 — at June 30, 2024 and March 31, 2024 and $1.6 trillion at June 30, 2023. (e) Represe
• $49.5 — h more. As of June 30, 2024, we oversee $49.5 trillion in assets under custody and/or
• $2.0 — under custody and/or administration and $2.0 trillion in assets under management.
• $0.42 — cash dividend on our common stock, from $0.42 to $0.47 per share. The increased quart
• $0.47 — dend on our common stock, from $0.42 to $0.47 per share. The increased quarterly cash
• $1,143 m — e applicable to common shareholders was $1,143 million, or $1.52 per diluted common shar
• $1.52 — mon shareholders was $1,143 million, or $1.52 per diluted common share, in the second
• $1,136 million — e applicable to common shareholders was $1,136 million (Non-GAAP), or $1.51 (Non-GAAP) per dil
• $1.51 — lders was $1,136 million (Non-GAAP), or $1.51 (Non-GAAP) per diluted common share, in
• $1,036 m — e applicable to common shareholders was $1,036 million, or $1.31 per diluted common shar
• $1.31 — mon shareholders was $1,036 million, or $1.31 per diluted common share, in the second
• $1,092 million — e applicable to common shareholders was $1,092 million (Non-GAAP), or $1.38 (Non-GAAP) per dil
• $1.38 — lders was $1,092 million (Non-GAAP), or $1.38 (Non-GAAP) per diluted common share, in

Filing Documents

• bk-20240630.htm (10-Q) — 7461KB
• form10-q_ex311x2q24.htm (EX-31.1) — 9KB
• form10-q_ex312x2q24.htm (EX-31.2) — 9KB
• form10-q_ex321x2q24.htm (EX-32.1) — 4KB
• form10-q_ex322x2q24.htm (EX-32.2) — 4KB
• 0001390777-24-000105.txt ( ) — 30800KB
• bk-20240630.xsd (EX-101.SCH) — 115KB
• bk-20240630_cal.xml (EX-101.CAL) — 230KB
• bk-20240630_def.xml (EX-101.DEF) — 685KB
• bk-20240630_lab.xml (EX-101.LAB) — 1383KB
• bk-20240630_pre.xml (EX-101.PRE) — 1016KB
• bk-20240630_htm.xml (XML) — 7683KB

– Financial Information

Part I – Financial Information Items 2. and 3. Management's Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk: General 4 Overview 4 Key second quarter 2024 and subsequent events 4 Highlights of second quarter 2024 results 4 Fee and other revenue 6 Net interest income 9 Noninterest expense 12 Income taxes 12 Review of business segments 12 Critical accounting estimates 22 Consolidated balance sheet review 23 Liquidity and dividends 31 Capital 36 Trading activities and risk management 39 Asset/liability management 41 Supplemental information – Explanation of GAAP and Non-GAAP financial measures 43 Recent accounting and regulatory developments 47 Website information 48

Financial Statements

Item 1. Financial Statements: Consolidated Income Statement (unaudited) 49 Consolidated Comprehensive Income Statement (unaudited) 51 Consolidated Balance Sheet (unaudited) 52 Consolidated Statement of Cash Flows (unaudited) 53 Consolidated Statement of Changes in Equity (unaudited) 54 Page

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements: Note 1—Basis of presentation 57 Note 2—New accounting guidance 57 Note 3—Acquisitions and dispositions 58 Note 4—Securities 59 Note 5—Loans and asset quality 63 Note 6—Goodwill and intangible assets 70 Note 7—Other assets 72 Note 8—Contract revenue 73 Note 9—Net interest income 76 Note 10—Employee benefit plans 76 Note 11—Income taxes 77 Note 12—Variable interest entities 77 Note 13—Preferred stock 78 Note 14—Other comprehensive income (loss) 79 Note 15—Fair value measurement 80 Note 16—Fair value option 85 Note 17—Derivative instruments 85 Note 18—Commitments and contingent liabilities 92 Note 19—Business segments 97 Note 20—Supplemental information to the Consolidated Statement of Cash Flows 100

Controls and Procedures

Item 4. Controls and Procedures 101

Forward-looking Statements

Forward-looking Statements 102

– Other Information

Part II – Other Information

Legal Proceedings

Item 1. Legal Proceedings. 105

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 105

Other Information

Item 5. Other Information. 105

Exhibits

Item 6. Exhibits. 105 Index to Exhibits 106 Signature 108 The Bank of New York Mellon Corporation (and its subsidiaries) Consolidated Financial Highlights (unaudited) Quarter ended Year-to-date (dollars in millions, except per share amounts and unless otherwise noted) June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Results applicable to common shareholders of The Bank of New York Mellon Corporation: Net income (a) $ 1,143 $ 953 $ 1,036 $ 2,096 $ 1,947 Basic earnings per share (a) $ 1.53 $ 1.26 $ 1.32 $ 2.79 $ 2.45 Diluted earnings per share (a) $ 1.52 $ 1.25 $ 1.31 $ 2.77 $ 2.44 Fee and other revenue (a) $ 3,567 $ 3,487 $ 3,404 $ 7,054 $ 6,691 Net interest income 1,030 1,040 1,100 2,070 2,228 Total revenue (a) $ 4,597 $ 4,527 $ 4,504 $ 9,124 $ 8,919 Return on common equity (annualized) (a) 12.7 % 10.7 % 11.7 % 11.7 % 11.0 % Return on tangible common equity (annualized) – Non-GAAP (a)(b) 24.6 % 20.7 % 22.8 % 22.7 % 21.7 % Fee revenue as a percentage of total revenue (a) 74 % 73 % 72 % 73 % 72 % Non-U.S. revenue as a percentage of total revenue (a) 36 % 34 % 36 % 35 % 35 % Pre-tax operating margin (a) 33 % 29 % 31 % 31 % 30 % Net interest margin 1.15 % 1.19 % 1.20 % 1.17 % 1.25 % Net interest margin on a fully taxable equivalent ("FTE") basis – Non-GAAP (c) 1.15 % 1.19 % 1.20 % 1.17 % 1.25 % Assets under custody and/or administration ("AUC/A") at period end (in trillions) (d) $ 49.5 $ 48.8 $ 46.9 $ 49.5 $ 46.9 Assets under management ("AUM") at period end (in trillions) (e) $ 2.05 $ 2.02 $ 1.91 $ 2.05 $ 1.91 Average common shares and equivalents outstanding (in thousands) : Basic 746,904 756,937 787,718 751,961 795,512 Diluted 751,596 762,268 790,725 756,870 799,157 Selected average balances: Interest-earning assets $ 353,633 $ 346,133 $ 362,049 $ 349,883 $ 355,251 Total assets (a) $ 412,499 $ 403,985 $ 420,961 $ 408,242 $ 414,157 Interest-bearing deposits $ 235,878 $ 228,897 $ 215,05

– Financial Information

Part I – Financial Information Items 2. and 3. Management's Discussion and Analysis of Financial Condition and Results of Operations; Quantitative and Qualitative Disclosures about Market Risk General In this Quarterly Report on Form 10-Q, references to "our," "we," "us," "BNY," the "Company" and similar terms refer to The Bank of New York Mellon Corporation and its consolidated subsidiaries. The term "Parent" refers to The Bank of New York Mellon Corporation but not its subsidiaries. Certain business terms used in this report are defined in the Glossary included in our Annual Report on Form 10-K for the year ended Dec. 31, 2023 (the "2023 Annual Report"). The following should be read in conjunction with the Consolidated Financial Statements included in this report. Investors should also read the section titled "Forward-looking Statements." Overview BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. We support governments in funding local projects and work with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, we oversee $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management. BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. BNY has three business segments, Securities Services, Market and Wealth Services and Investment and Wealth Management, which offer a comprehensive se

View Full Filing

View this 10-Q filing on SEC EDGAR