Q3 2024 Bank of New York Mellon Corp Earnings Call Transcript
Key Points
- Bank of New York Mellon Corp (BK) reported strong third-quarter results with a 22% year-over-year increase in earnings per share, reaching $1.50.
- Total revenue increased by 5% year over year to $4.6 billion, driven by broad-based revenue growth across all business segments.
- Assets under custody and/or administration surpassed $50 trillion for the first time, highlighting BK's market-leading position.
- The company announced the planned acquisition of Archer, which is expected to enhance BK's asset servicing capabilities and expand distribution for its investments business.
- BK's liquidity ecosystem reached an all-time high of over $1.5 trillion, reflecting strong client cash across various investment alternatives.
- Provision for credit losses was $23 million, primarily due to reserve builds related to commercial real estate exposure.
- Net new assets in Pershing were negative $22 billion for the quarter, reflecting ongoing deconversion of lost business from the prior year.
- Investment management and performance fees saw only a 2% increase, partially offset by the mix of AUM flows and lower performance fees.
- Expenses, excluding notable items, increased by 1% year over year, driven by higher investments in employee merit increases.
- The depository receipts business continues to face challenges, with a decline in the number of sponsored programs.
Good morning, and welcome to the 2024 third-quarter earnings conference call hosted by BNY. (Operator Instructions) 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, BNY Head of Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to our third-quarter earnings call. I'm joined by Robin Vince, our President and Chief Executive Officer; and Dermot McDonogh, our Chief Financial Officer.
As usual, we will reference our financial highlights presentation, which can be found on the Investor Relations page of our website at bny.com. I also 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
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