Bank of New York Mellon Corp

Highlights of second quarter 2025 results

We reported net income applicable to common shareholders of $1,391 million, or $1.93 per diluted common share, in the second quarter of 2025, including the impact of notable items. Notable items in the second quarter of 2025 include severance expense and reductions in litigation reserves and the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1,397 million (Non-GAAP), or $1.94 (Non-GAAP) per diluted common share, in the second quarter of 2025. Net income applicable to common shareholders was $1,143 million, or $1.52 per diluted common share, in the second quarter of 2024, including the impact of notable items. Notable items in the second quarter of 2024 include a reduction in the FDIC special assessment, severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $1,136 million (Non-GAAP), or $1.51 (Non-GAAP) per diluted common share, in the second quarter of 2024.

The highlights below are based on the second quarter of 2025 compared with the second quarter of 2024, unless otherwise noted.

•Total revenue increased 9%, primarily reflecting:

•Fee revenue increased 7%, primarily reflecting net new business, higher market values, client activity and foreign exchange revenue, and the favorable impact of the weaker U.S. dollar, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)

•Investment and other revenue increased primarily reflecting favorable seed capital and other investments results, partially offset by higher net securities losses. (See “Fee and other revenue” beginning on page 6.)

•Net interest income increased 17%, primarily reflecting the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. (See “Net interest income” on page 9.)

•The provision for credit losses was a benefit of $17 million, primarily driven by property-specific reserve releases related to our commercial real estate exposure. (See “Allowance for credit losses” on page 29.)

•Noninterest expense increased 4%, primarily reflecting higher investments, employee merit increases, higher revenue-related expenses, adjustments to the FDIC special assessment and the unfavorable impact of the weaker U.S. dollar, partially offset by efficiency savings. Excluding notable items, total noninterest expense also increased 4% (Non-GAAP). (See “Noninterest expense” on page 12.)

•Effective tax rate of 22.0%. (See “Income taxes” on page 12.)

•Return on common equity (“ROE”) was 14.7% for the second quarter of 2025.

•Return on tangible common equity (“ROTCE”) was 27.8% (Non-GAAP) for the second quarter of 2025.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 44 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $55.8 trillion increased 13%, primarily reflecting client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

•AUM of $2.1 trillion increased 3% reflecting higher market values and the favorable impact of the weaker U.S. dollar, partially offset by cumulative net outflows.

Capital and liquidity

•Our CET1 ratio under the Standardized Approach was 11.5% at June 30, 2025, flat compared with March 31, 2025, reflecting an increase in capital, offset by higher risk-weighted assets (“RWA”). (See “Capital” beginning on page 35.)

•Our Tier 1 leverage ratio was 6.1% at June 30, 2025 and 6.2% at March 31, 2025. The decrease reflects higher average assets, partially offset by the increase in capital. (See “Capital” beginning on page 35.)

•Returned $1.2 billion to common shareholders, including $895 million of common share repurchases.

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