Bank of New York Mellon Corp

Highlights of second quarter 2024 results

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. Net income applicable to common shareholders was $1,036 million, or $1.31 per diluted common share, in the second quarter of 2023, including the impact of

4 BNY notable items. Notable items in the second quarter of 2023 include litigation reserves, severance expense and disposal losses. Excluding notable items, net income applicable to common shareholders was $1,092 million (Non-GAAP), or $1.38 (Non-GAAP) per diluted common share, in the second quarter of 2023.

The highlights below are based on the second quarter of 2024 compared with the second quarter of 2023, unless otherwise noted.

•Total revenue increased 2%, primarily reflecting:

•Fee revenue increased 4%, primarily reflecting higher market values, net new business, higher foreign exchange revenue and higher client activity, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)

•Investment and other revenue increased primarily reflecting higher client activity in our fixed income and equity trading business. (See “Fee and other revenue” beginning on page 6.)

•Net interest income decreased 6%, primarily reflecting changes in balance sheet mix, partially offset by higher interest rates. (See “Net interest income” on page 9.)

•Noninterest expense decreased 1%, primarily reflecting efficiency savings, a reduction in the FDIC special assessment and lower litigation reserves, partially offset by higher investments, employee merit increases and higher revenue-related expenses. Excluding notable items, noninterest expense increased 1% (Non-GAAP). (See “Noninterest expense” on page 12.)

•Effective tax rate of 23.4%. (See “Income taxes” on page 12.)

•Return on common equity (“ROE”) was 12.7% for the second quarter of 2024.

•Return on tangible common equity (“ROTCE”) was 24.6% (Non-GAAP) for the second quarter of 2024. Excluding notable items, the adjusted ROTCE was 24.4% (Non-GAAP) for the second quarter of 2024.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 43 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $49.5 trillion increased 6%, primarily reflecting higher market values.

•AUM of $2.0 trillion increased 7%, primarily reflecting higher market values.

Capital and liquidity

•Our CET1 ratio was 11.4% at June 30, 2024 and 10.8% at March 31, 2024 under the Standardized Approach. The increase reflects an increase in capital and lower risk-weighted assets. (See “Capital” beginning on page 36.)

•Tier 1 leverage was 5.8% at June 30, 2024 and 5.9% at March 31, 2024. The decrease reflects higher average assets, partially offset by the increase in capital. (See “Capital” beginning on page 36.)

•Returned $923 million to common shareholders, including $601 million of common share repurchases.

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