Q2 2024 Bank of New York Mellon Corp Earnings Call Transcript
Key Points
- Bank of New York Mellon Corp (BK) reported solid EPS growth, with earnings per share of $1.52, up 16% year over year.
- Total revenue increased by 2% year over year to $4.6 billion, driven by a 5% growth in investment services fees.
- The company achieved a return on tangible common equity of 25%, showcasing strong financial performance.
- BNY Mellon Corp (BK) increased its quarterly common dividend by 12% to $0.47 per share.
- The company secured significant new mandates, including a premier global asset manager with over $100 billion in assets under management and a collaboration with AIA and BlackRock.
- Net interest income decreased by 6% year over year, reflecting changes in balance sheet mix.
- Expenses, excluding notable items, increased by 1%, indicating higher investments in people and technology.
- The company experienced a 4% decline in net new assets for Pershing, reflecting ongoing de-conversion of lost business.
- Investment management and performance fees were flat, showing no growth in this segment.
- The company remains cautious about the second half of the year, expecting a seasonally lower third quarter and maintaining a down 10% NII outlook for the full year 2024.
Good morning and welcome to the 2024 second quarter earnings conference call hosted by BNY. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session. Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent.
I will now turn the call over to Marius Merz, BMY Head of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us. I'm here with Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, our Chief Financial Officer. As always, we will reference our financial highlights presentation which can be found on the Investor Relations page of our website at bny.com. And I'll note that our remarks will contain forward-looking statements and non-GAAP measures.
Actual results may differ materially from those projected in the forward-looking statements.
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