Bank of New York Mellon Corp

For the period ended Sep 30, 2024. Filed Nov 1, 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.

Sep 30, 2024 · Filed Nov 1, 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
3Q24 vs. · vs.
(dollars in millions) · 3Q24 · 2Q24 · 3Q23 · 2Q24 · 3Q23 · YTD24 · YTD23 · YTD23
Net interest income	$1,048	$1,030	$1,016	2%	3%		$3,118	$3,244	(4)%
Add: Tax equivalent adjustment	—	1	—	N/M	N/M		1	1	N/M
Net interest income (FTE) – Non-GAAP (a)	$1,048	$1,031	$1,016	2%	3%		$3,119	$3,245	(4)%
Average interest-earning assets	$356,934	$353,633	$339,044	1%	5%		$352,250	$349,789	1%
Net interest margin	1.16%	1.15%	1.18%	1	bps	(2)	bps	1.16%	1.23%	(7)	bps
Net interest margin (FTE) – Non-GAAP (a)	1.16%	1.15%	1.18%	1	bps	(2)	bps	1.16%	1.23%	(7)	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 increased 3% compared with the third quarter of 2023 and 2% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix. The increase compared with the second quarter of 2024 primarily reflects higher sponsored member cleared repo activity.

Net interest margin decreased 2 basis points compared with the third quarter of 2023 and increased 1 basis point compared with the second quarter of 2024. The changes compared with the third quarter of 2023 and the second quarter of 2024 primarily reflect the factors mentioned above.

Average interest-earning assets increased 5% compared with the third quarter of 2023 and 1% compared with the second quarter of 2024. The increase compared with the third quarter of 2023 primarily reflects higher securities and loan balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with banks. The increase compared with the second quarter of 2024 primarily reflects higher securities balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks.

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

Net interest income decreased 4% compared with the first nine 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 increased 1% compared with the first nine months of 2023, primarily reflecting higher loan balances and federal funds sold and securities purchased under resale agreements, partially offset by lower interest-bearing deposits with banks.

BNY 9

Average balances and interest rates	Quarter ended
Sept. 30, 2024 · June 30, 2024 · Sept. 30, 2023
(dollars in millions; average rates are 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	$100,611		$1,188	4.62%			$102,257	$1,201		4.65%		$98,767	$1,153	4.57%
Interest-bearing deposits with banks	10,559		109	4.15			11,210	110		3.91		12,287	125	4.04
Federal funds sold and securities purchased under resale agreements (a)	31,183		2,874	36.65			29,013	2,631		36.48		26,915	2,066	30.47
Loans	69,205		1,142	6.57			68,283	1,119		6.58		63,962	1,029	6.39
Securities:
U.S. government obligations	28,490		266	3.71			28,347	269		3.82		32,224	250	3.08
U.S. government agency obligations	62,572		511	3.26			62,549	515		3.29		59,481	426	2.87
Other securities	48,647		487	4.00			46,828	472		4.04		39,874	394	3.93
Total investment securities	139,709		1,264	3.61			137,724	1,256		3.66		131,579	1,070	3.24
Trading securities (b)	5,667		75	5.33			5,146	76		5.89		5,534	76	5.49
Total securities (b)	145,376		1,339	3.68			142,870	1,332		3.74		137,113	1,146	3.33
Total interest-earning assets (b)	$356,934		$6,652	7.40%			$353,633	$6,393		7.24%		$339,044	$5,519	6.45%
Noninterest-earning assets	59,463				58,866				58,247
Total assets	$416,397				$412,499				$397,291
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$236,724		$2,271	3.82%			$235,878	$2,255		3.85%		$209,641	$1,911	3.62%
Federal funds purchased and securities sold under repurchase agreements (a)	16,584		2,620	62.85			17,711	2,433		55.26		21,512	1,956	36.07
Trading liabilities	1,844		22	4.83			1,689	23		5.43		3,959	48	4.80
Other borrowed funds	418		3	3.15			351	8		8.61		540	6	4.47
Commercial paper	1,474		21	5.50			954	13		5.54		7	—	4.13
Payables to customers and broker-dealers	12,737		170	5.29			12,066	161		5.35		13,515	147	4.30
Long-term debt	33,154		497	5.93			31,506	469		5.92		31,161	435	5.52
Total interest-bearing liabilities	$302,935		$5,604	7.36%			$300,155	$5,362		7.18%		$280,335	$4,503	6.37%
Total noninterest-bearing deposits	47,962				48,965				52,467
Other noninterest-bearing liabilities	24,122				22,839				23,699
Total liabilities	375,019				371,959				356,501
Total The Bank of New York Mellon Corporation shareholders’ equity	41,115				40,387				40,711
Noncontrolling interests	263				153				79
Total liabilities and equity	$416,397				$412,499				$397,291
Net interest income (FTE) – Non-GAAP (b)(c)		$1,048				$1,031				$1,016
Net interest margin (FTE) – Non-GAAP (b)(c)			1.16%				1.15%				1.18%
Less: Tax equivalent adjustment		—				1				—
Net interest income – GAAP		$1,048				$1,030				$1,016
Net interest margin – GAAP			1.16%				1.15%				1.18%

(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $179 billion for the third quarter of 2024, $163 billion for the second quarter of 2024 and $126 billion for the third 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 5.43% for the third quarter of 2024, 5.51% for the second quarter of 2024 and 5.36% for the third 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 5.32% for the third quarter of 2024, 5.41% for the second quarter of 2024 and 5.26% for the third quarter of 2023. We believe providing 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
Sept. 30, 2024 · Sept. 30, 2023
(dollars in millions; average rates are 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	$101,883		$3,608	4.65%			$102,762	$3,247	4.17%
Interest-bearing deposits with banks	11,162		340	4.07			14,129	393	3.72
Federal funds sold and securities purchased under resale agreements (a)	29,079		7,938	36.46			26,187	4,833	24.68
Loans	67,782		3,322	6.54			63,563	2,852	6.00
Securities:
U.S. government obligations	28,028		785	3.74			35,050	776	2.95
U.S. government agency obligations	62,751		1,534	3.26			61,098	1,259	2.75
Other securities	46,343		1,394	4.02			41,096	1,099	3.57
Total investment securities	137,122		3,713	3.61			137,244	3,134	3.05
Trading securities (b)	5,222		220	5.64			5,904	227	5.15
Total securities (b)	142,344		3,933	3.69			143,148	3,361	3.13
Total interest-earning assets (b)	$352,250		$19,141	7.23%			$349,789	$14,686	5.59%
Noninterest-earning assets	58,730				58,684
Total assets	$410,980				$408,473
Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$233,843		$6,713	3.83%			$209,624	$5,016	3.20%
Federal funds purchased and securities sold under repurchase agreements (a)	16,809		7,296	57.98			22,048	4,577	27.75
Trading liabilities	1,728		66	5.11			3,629	121	4.47
Other borrowed funds	424		15	4.78			1,317	41	4.08
Commercial paper	815		34	5.51			4	—	4.55
Payables to customers and broker-dealers	12,409		477	5.13			15,077	418	3.70
Long-term debt	31,919		1,421	5.89			31,129	1,268	5.39
Total interest-bearing liabilities	$297,947		$16,022	7.18%			$282,828	$11,441	5.40%
Total noninterest-bearing deposits	48,955				61,438
Other noninterest-bearing liabilities	23,325				23,637
Total liabilities	370,227				367,903
Total The Bank of New York Mellon Corporation shareholders’ equity	40,585				40,510
Noncontrolling interests	168				60
Total liabilities and equity	$410,980				$408,473
Net interest income (FTE) – Non-GAAP (b)(c)		$3,119				$3,245
Net interest margin (FTE) – Non-GAAP (b)(c)			1.16%				1.23%
Less: Tax equivalent adjustment		1				1
Net interest income – GAAP		$3,118				$3,244
Net interest margin – GAAP			1.16%				1.23%

(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $165 billion for the first nine months of 2024 and $101 billion for the first nine 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 5.47% for the first nine months of 2024 and 5.10% for the first nine 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 5.37% for the first nine months of 2024 and 4.99% for the first nine months of 2023. We believe providing 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.