Bank of New York Mellon Corp
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Income Statement (unaudited)
Item 1. Financial Statements
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Income Statement(unaudited)
| Quarter ended | |||
|---|---|---|---|
| March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | |
| (in millions) | |||
| Fee and other revenue | |||
| Investment services fees | $2,278 | $2,242 | $2,119 |
| Investment management and performance fees | 776 | 743 | 776 |
| Foreign exchange revenue | 152 | 143 | 176 |
| Financing-related fees | 57 | 45 | 52 |
| Distribution and servicing fees | 42 | 41 | 33 |
| Total fee revenue | 3,305 | 3,214 | 3,156 |
| Investment and other revenue (a) | 182 | 43 | 131 |
| Total fee and other revenue (a) | 3,487 | 3,257 | 3,287 |
| Net interest income | |||
| Interest income | 6,096 | 5,963 | 3,942 |
| Interest expense | 5,056 | 4,862 | 2,814 |
| Net interest income | 1,040 | 1,101 | 1,128 |
| Total revenue (a) | 4,527 | 4,358 | 4,415 |
| Provision for credit losses | 27 | 84 | 27 |
| Noninterest expense | |||
| Staff | 1,857 | 1,831 | 1,791 |
| Software and equipment | 475 | 486 | 429 |
| Professional, legal and other purchased services | 349 | 406 | 375 |
| Net occupancy | 124 | 162 | 119 |
| Sub-custodian and clearing | 119 | 117 | 118 |
| Distribution and servicing | 96 | 88 | 85 |
| Business development | 36 | 61 | 39 |
| Bank assessment charges | 17 | 670 | 40 |
| Amortization of intangible assets | 12 | 14 | 14 |
| Other | 91 | 160 | 90 |
| Total noninterest expense | 3,176 | 3,995 | 3,100 |
| Income | |||
| Income before income taxes (a) | 1,324 | 279 | 1,288 |
| Provision for income taxes (a) | 297 | 73 | 306 |
| Net income (a) | 1,027 | 206 | 982 |
| Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds | (2) | 2 | — |
| Net income applicable to shareholders of The Bank of New York Mellon Corporation (a) | 1,025 | 208 | 982 |
| Preferred stock dividends | (72) | (46) | (71) |
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a) | $953 | $162 | $911 |
(a)Prior periods were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
BNY Mellon 47
The Bank of New York Mellon Corporation (and its subsidiaries)
Consolidated Income Statement(unaudited) (continued)
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation used for the earnings per share calculation | Quarter ended | ||
|---|---|---|---|
| March 31, 2024 · Dec. 31, 2023 · March 31, 2023 | |||
| (in millions) | |||
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $953 | $162 | $911 |
| Less: Earnings allocated to participating securities | — | — | — |
| Net income applicable to common shareholders of The Bank of New York Mellon Corporation after required adjustment for the calculation of basic and diluted earnings per common share | $953 | $162 | $911 |
| Average common shares and equivalents outstanding of The Bank of New York Mellon Corporation | Quarter ended | ||
|---|---|---|---|
| March 31, 2024 · Dec. 31, 2023 · March 31, 2023 | |||
| (in thousands) | |||
| Basic | 756,937 | 767,146 | 803,340 |
| Common stock equivalents | 5,331 | 5,045 | 4,473 |
| Less: Participating securities | — | (89) | (95) |
| Diluted | 762,268 | 772,102 | 807,718 |
| Anti-dilutive securities (a) | 1,604 | 110 | 4,872 |
(a)Represents restricted stock, restricted stock units and participating securities outstanding but not included in the computation of diluted average common shares because their effect would be anti-dilutive.
| Earnings per share applicable to common shareholders of The Bank of New York Mellon Corporation (a) | Quarter ended | ||
|---|---|---|---|
| March 31, 2024 · Dec. 31, 2023 · March 31, 2023 | |||
| (in dollars) | |||
| Basic | $1.26 | $0.21 | $1.13 |
| Diluted | $1.25 | $0.21 | $1.13 |
(a)Prior periods were restated to reflect the retrospective application of adopting new accounting guidance related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.
48 BNY Mellon
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