Bank of New York Mellon Corp

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 2, 2024

BNY$151.23+2.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Net interest income

Net interest income · YTD24
2Q24 vs. · vs.
(dollars in millions) · 2Q24 · 1Q24 · 2Q23 · 1Q24 · 2Q23 · YTD24 · YTD23 · YTD23
Net interest income	$1,030	$1,040	$1,100	(1)%	(6)%		$2,070	$2,228	(7)%
Add: Tax equivalent adjustment	1	—	1	N/M	N/M		1	1	N/M
Net interest income (FTE) – Non-GAAP (a)	$1,031	$1,040	$1,101	(1)%	(6)%		$2,071	$2,229	(7)%
Average interest-earning assets	$353,633	$346,133	$362,049	2%	(2)%		$349,883	$355,251	(2)%
Net interest margin	1.15%	1.19%	1.20%	(4)	bps	(5)	bps	1.17%	1.25%	(8)	bps
Net interest margin (FTE) – Non-GAAP (a)	1.15%	1.19%	1.20%	(4)	bps	(5)	bps	1.17%	1.25%	(8)	bps

(a) Net interest income (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income, which allows for comparisons of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

bps – basis points.

Net interest income decreased 6% compared with the second quarter of 2023 and 1% compared with the first quarter of 2024. The decrease compared with the second quarter of 2023 primarily reflects changes in balance sheet mix, partially offset by higher interest rates. The decrease compared with the first quarter of 2024 primarily reflects changes in balance sheet mix, partially offset by the benefit of reinvesting maturing fixed-rate securities in higher yielding alternatives.

Net interest margin decreased 5 basis points compared with the second quarter of 2023 and 4 basis points compared with the first quarter of 2024. The changes compared with the second quarter of 2023 and the first quarter of 2024 primarily reflect the factors mentioned above.

Average interest-earning assets decreased 2% compared with the second quarter of 2023 and increased 2% compared with the first quarter of 2024. The decrease compared with the second quarter of 2023 primarily reflects lower interest-bearing deposits with the Federal Reserve and other central banks and interest-bearing deposits with banks, partially offset by higher loan balances and Federal funds sold and securities purchased under resale agreements. The increase compared with the first quarter of 2024 primarily reflects higher securities and loan balances and federal funds sold and securities purchased under resale agreements.

Average non-U.S. dollar deposits comprised approximately 25% of our average total deposits in the second quarter of 2024. Approximately 50% of the average non-U.S. dollar deposits in the second quarter of 2024 were euro-denominated.

Net interest income decreased 7% compared with the first six months of 2023, primarily driven by changes in balance sheet mix, partially offset by higher interest rates. The decrease in the net interest margin primarily reflects the factors mentioned above.

Average interest-earning assets decreased 2% compared with the first six months of 2023, primarily reflecting lower securities balances and interest-bearing deposits with banks, partially offset by higher loan balances.

BNY 9

Average balances and interest rates	Quarter ended
June 30, 2024 · March 31, 2024 · June 30, 2023
(dollars in millions; average rates annualized) · Averagebalance · Interest · Averagerates · Averagebalance · Interest · Averagerates · Average balance · Interest · Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$102,257		$1,201	4.65%			$102,795	$1,219		4.69%		$114,578	$1,241	4.29%
Interest-bearing deposits with banks	11,210		110	3.91			11,724	121		4.16		13,919	128	3.68
Federal funds sold and securities purchased under resale agreements (a)	29,013		2,631	36.48			27,019	2,433		36.22		26,989	1,776	26.38
Loans	68,283		1,119	6.58			65,844	1,061		6.48		63,459	957	6.05
Securities:
U.S. government obligations	28,347		269	3.82			27,242	250		3.70		34,147	247	2.90
U.S. government agency obligations	62,549		515	3.29			63,135	508		3.22		61,565	428	2.78
Other securities (b)	46,828		472	4.04			43,528	435		4.01		40,989	367	3.59
Total investment securities (b)	137,724		1,256	3.66			133,905	1,193		3.57		136,701	1,042	3.05
Trading securities (b)	5,146		76	5.89			4,846	69		5.75		6,403	81	5.02
Total securities (b)	142,870		1,332	3.74			138,751	1,262		3.65		143,104	1,123	3.14
Total interest-earning assets (b)	$353,633		$6,393	7.24%			$346,133	$6,096		7.06%		$362,049	$5,225	5.77%
Noninterest-earning assets	58,866				57,852				58,912
Total assets	$412,499				$403,985				$420,961
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$235,878		$2,255	3.85%			$228,897	$2,187		3.84%		$215,057	$1,739	3.24%
Federal funds purchased and securities sold under repurchase agreements (a)	17,711		2,433	55.26			16,133	2,243		55.91		26,282	1,729	26.39
Trading liabilities	1,689		23	5.43			1,649	21		5.11		3,893	43	4.46
Other borrowed funds	351		8	8.61			502	4		3.47		2,702	32	4.60
Commercial paper	954		13	5.54			8	—		5.42		5	—	5.11
Payables to customers and broker-dealers	12,066		161	5.35			12,420	146		4.74		14,801	143	3.85
Long-term debt	31,506		469	5.92			31,087	455		5.82		31,970	438	5.45
Total interest-bearing liabilities	$300,155		$5,362	7.18%			$290,696	$5,056		6.99%		$294,710	$4,124	5.61%
Total noninterest-bearing deposits	48,965				49,949				62,152
Other noninterest-bearing liabilities	22,839				23,005				23,526
Total liabilities	371,959				363,650				380,388
Total The Bank of New York Mellon Corporation shareholders’ equity	40,387				40,248				40,493
Noncontrolling interests	153				87				80
Total liabilities and equity	$412,499				$403,985				$420,961
Net interest income (FTE) – Non-GAAP (b)(c)		$1,031				$1,040				$1,101
Net interest margin (FTE) – Non-GAAP (b)(c)			1.15%				1.19%				1.20%
Less: Tax equivalent adjustment		1				—				1
Net interest income – GAAP		$1,030				$1,040				$1,100
Net interest margin – GAAP			1.15%				1.19%				1.20%

(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $163 billion for the second quarter of 2024, $151 billion for the first quarter of 2024 and $113 billion for the second quarter of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 5.51% for the second quarter of 2024, 5.49% for the first quarter of 2024 and 5.10% for the second quarter of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.41% for the second quarter of 2024, 5.38% for the first quarter of 2024 and 4.99% for the second quarter of 2023. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.

(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.

10 BNY

Average balances and interest rates	Year-to-date
June 30, 2024 · June 30, 2023
(dollars in millions; average rates annualized) · Average balance · Interest · Average rates · Average balance · Interest · Average rates
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$102,526		$2,420	4.67%			$104,793	$2,094	3.97%
Interest-bearing deposits with banks	11,467		231	4.04			15,065	268	3.59
Federal funds sold and securities purchased under resale agreements (a)	28,016		5,064	36.35			25,817	2,767	21.61
Loans	67,063		2,180	6.53			63,361	1,823	5.79
Securities:
U.S. government obligations	27,794		519	3.76			36,487	526	2.89
U.S. government agency obligations	62,842		1,023	3.26			61,920	833	2.69
Other securities (b)	45,178		907	4.02			41,717	705	3.40
Total investment securities (b)	135,814		2,449	3.61			140,124	2,064	2.95
Trading securities (b)	4,997		145	5.82			6,091	151	4.99
Total securities (b)	140,811		2,594	3.69			146,215	2,215	3.04
Total interest-earning assets (b)	$349,883		$12,489	7.15%			$355,251	$9,167	5.18%
Noninterest-earning assets	58,359				58,906
Total assets	$408,242				$414,157
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$232,387		$4,442	3.84%			$209,616	$3,105	2.99%
Federal funds purchased and securities sold under repurchase agreements (a)	16,922		4,676	55.57			22,321	2,621	23.68
Trading liabilities	1,669		44	5.27			3,461	73	4.28
Other borrowed funds	427		12	5.59			1,711	35	4.01
Commercial paper	481		13	5.54			3	—	5.11
Payables to customers and broker-dealers	12,244		307	5.04			15,872	271	3.44
Long-term debt	31,296		924	5.87			31,112	833	5.34
Total interest-bearing liabilities	$295,426		$10,418	7.08%			$284,096	$6,938	4.92%
Total noninterest-bearing deposits	49,457				65,997
Other noninterest-bearing liabilities	22,922				23,607
Total liabilities	367,805				373,700
Total The Bank of New York Mellon Corporation shareholders’ equity	40,318				40,407
Noncontrolling interests	119				50
Total liabilities and equity	$408,242				$414,157
Net interest income (FTE) – Non-GAAP (b)(c)		$2,071				$2,229
Net interest margin (FTE) – Non-GAAP (b)(c)			1.17%				1.25%
Less: Tax equivalent adjustment		1				1
Net interest income – GAAP		$2,070				$2,228
Net interest margin – GAAP			1.17%				1.25%

(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $157 billion for the first six months of 2024 and $88 billion for the first six months of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 5.50% for the first six months of 2024 and 4.92% for the first six months of 2023. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 5.40% for the first six months of 2024 and 4.81% for the first six months of 2023. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.

(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.

BNY 11

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.