Bank of New York Mellon Corp

Highlights of first quarter 2025 results

We reported net income applicable to common shareholders of $1,149 million, or $1.58 per diluted common share, in the first quarter of 2025, including the impact of notable items. Notable items in the first quarter of 2025 include a disposal gain, severance expense, litigation reserves and the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1,148 million (Non-GAAP), or $1.58 (Non-GAAP) per diluted common share, in the first quarter of 2025. Net income applicable to common shareholders was $953 million, or $1.25 per diluted common share, in the first quarter of 2024, including the impact of notable items. Notable items in the first quarter of 2024 include severance expense and litigation reserves. Excluding notable items, net income applicable to common shareholders was $982 million (Non-GAAP), or

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$1.29 (Non-GAAP) per diluted common share, in the first quarter of 2024.

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

•Total revenue increased 6%, primarily reflecting:

•Fee revenue increased 3%, primarily reflecting net new business and higher market values, partially offset by the mix of AUM flows. (See “Fee and other revenue” beginning on page 6.)

•Investment and other revenue increased primarily reflecting a disposal gain recorded in the first quarter of 2025. (See “Fee and other revenue” beginning on page 6.)

•Net interest income increased 11%, primarily reflecting the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix. (See “Net interest income” on page 9.)

•The provision for credit losses was $18 million, primarily driven by reserve increases related to commercial real estate exposure. (See “Allowance for credit losses” on page 27.)

•Noninterest expense increased 2%, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings. (See “Noninterest expense” on page 11.)

•Effective tax rate of 19.7%, primarily reflecting a tax benefit in the first quarter of 2025 from the annual vesting of stock awards. (See “Income taxes” on page 11.)

•Return on common equity (“ROE”) was 12.6% for the first quarter of 2025.

•Return on tangible common equity (“ROTCE”) was 24.2% (Non-GAAP) for the first quarter of 2025.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 41 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $53.1 trillion increased 9%, primarily reflecting client inflows, higher market values and net new business.

•AUM of $2.0 trillion was flat reflecting higher market values, offset by cumulative net outflows.

Capital and liquidity

•Our CET1 ratio under the Standardized Approach was 11.5% at March 31, 2025 and 11.2% at Dec. 31, 2024. The increase primarily reflects capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends and higher risk-weighted assets (“RWAs”). (See “Capital” beginning on page 33.)

•Our Tier 1 leverage ratio was 6.2% at March 31, 2025 and 5.7% at Dec. 31, 2024. The increase reflects higher capital, including issuances of preferred stock, and lower average assets. (See “Capital” beginning on page 33.)

•Returned $1.1 billion to common shareholders, including $746 million of common share repurchases.

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