Bank of New York Mellon Corp
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout 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, 2025 · Filed Aug 1, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Net interest income
| Net interest income · YTD25 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2Q25 vs. · vs. | |||||||||||
| (dollars in millions) · 2Q25 · 1Q25 · 2Q24 · 1Q25 · 2Q24 · YTD25 · YTD24 · YTD24 | |||||||||||
| Net interest income | $1,203 | $1,159 | $1,030 | 4% | 17% | $2,362 | $2,070 | 14% | |||
| Add: Tax equivalent adjustment | 1 | — | 1 | N/M | N/M | 1 | 1 | N/M | |||
| Net interest income (FTE) – Non-GAAP (a) | $1,204 | $1,159 | $1,031 | 4% | 17% | $2,363 | $2,071 | 14% | |||
| Average interest-earning assets | $375,542 | $354,687 | $353,633 | 6% | 6% | $365,172 | $349,883 | 4% | |||
| Net interest margin | 1.27% | 1.30% | 1.15% | (3) | bps | 12 | bps | 1.29% | 1.17% | 12 | bps |
| Net interest margin (FTE) – Non-GAAP (a) | 1.27% | 1.30% | 1.15% | (3) | bps | 12 | bps | 1.29% | 1.17% | 12 | 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 17% compared with the second quarter of 2024 and 4% compared with the first quarter of 2025. Both increases primarily reflect the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix.
Net interest margin increased 12 basis points compared with the second quarter of 2024 and decreased 3 basis points compared with the first quarter of 2025. The changes compared with the second quarter of 2024 and the first quarter of 2025 primarily reflect the factors mentioned above.
Average interest-earning assets increased 6% compared with the second quarter of 2024 and first quarter of 2025. 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. The increase compared with the first quarter of 2025 primarily reflects higher interest-bearing deposits with the Federal Reserve and other central banks and higher securities balances, partially offset by lower 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 2025. Approximately 50% of the average non-U.S. dollar deposits in the second quarter of 2025 were euro-denominated.
Net interest income increased 14% compared with the first six months of 2024, primarily driven by the continued reinvestment of maturing investment securities at higher yields and balance sheet growth, partially offset by changes in deposit mix. The increase in the net interest margin primarily reflects the factors mentioned above.
Average interest-earning assets increased 4% compared with the first six months of 2024, primarily reflecting higher federal funds sold and securities purchased under resale agreements and higher securities balances, partially offset by lower interest-bearing deposits with the Federal Reserve and other central banks.
BNY 9
| Average balances and interest rates | Quarter ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 · March 31, 2025 · June 30, 2024 | ||||||||||||||
| (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 | $99,426 | $937 | 3.73% | $86,038 | $826 | 3.84% | $102,257 | $1,201 | 4.65% | |||||
| Interest-bearing deposits with banks | 11,199 | 87 | 3.10 | 10,083 | 84 | 3.39 | 11,210 | 110 | 3.91 | |||||
| Federal funds sold and securities purchased under resale agreements (a) | 39,522 | 3,176 | 32.23 | 41,166 | 2,922 | 28.79 | 29,013 | 2,631 | 36.48 | |||||
| Loans | 71,265 | 1,032 | 5.81 | 69,670 | 999 | 5.80 | 68,283 | 1,119 | 6.58 | |||||
| Securities: | ||||||||||||||
| U.S. government obligations | 29,279 | 265 | 3.63 | 26,614 | 230 | 3.49 | 28,347 | 269 | 3.82 | |||||
| U.S. government agency obligations | 62,874 | 529 | 3.36 | 63,514 | 519 | 3.27 | 62,549 | 515 | 3.29 | |||||
| Other securities | 54,610 | 487 | 3.58 | 51,403 | 462 | 3.62 | 46,828 | 472 | 4.04 | |||||
| Total investment securities | 146,763 | 1,281 | 3.49 | 141,531 | 1,211 | 3.44 | 137,724 | 1,256 | 3.66 | |||||
| Trading securities (b) | 7,367 | 90 | 4.84 | 6,199 | 81 | 5.29 | 5,146 | 76 | 5.89 | |||||
| Total securities (b) | 154,130 | 1,371 | 3.56 | 147,730 | 1,292 | 3.52 | 142,870 | 1,332 | 3.74 | |||||
| Total interest-earning assets (b) | $375,542 | $6,603 | 7.03% | $354,687 | $6,123 | 6.97% | $353,633 | $6,393 | 7.24% | |||||
| Noninterest-earning assets | 63,066 | 61,157 | 58,866 | |||||||||||
| Total assets | $438,608 | $415,844 | $412,499 | |||||||||||
| Liabilities and equity | ||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||
| Interest-bearing deposits | $250,688 | $1,840 | 2.95% | $234,394 | $1,722 | 2.98% | $235,878 | $2,255 | 3.85% | |||||
| Federal funds purchased and securities sold under repurchase agreements (a) | 17,485 | 2,875 | 65.95 | 17,566 | 2,610 | 60.25 | 17,711 | 2,433 | 55.26 | |||||
| Trading liabilities | 2,821 | 35 | 4.94 | 2,063 | 23 | 4.56 | 1,689 | 23 | 5.43 | |||||
| Other borrowed funds | 432 | 6 | 5.06 | 288 | 4 | 5.93 | 351 | 8 | 8.61 | |||||
| Commercial paper | 2,511 | 29 | 4.56 | 1,279 | 14 | 4.51 | 954 | 13 | 5.54 | |||||
| Payables to customers and broker-dealers | 15,494 | 162 | 4.19 | 15,142 | 157 | 4.21 | 12,066 | 161 | 5.35 | |||||
| Long-term debt | 31,805 | 452 | 5.64 | 31,216 | 434 | 5.57 | 31,506 | 469 | 5.92 | |||||
| Total interest-bearing liabilities | $321,236 | $5,399 | 6.74% | $301,948 | $4,964 | 6.66% | $300,155 | $5,362 | 7.18% | |||||
| Total noninterest-bearing deposits | 49,610 | 48,141 | 48,965 | |||||||||||
| Other noninterest-bearing liabilities | 24,073 | 23,808 | 22,839 | |||||||||||
| Total liabilities | 394,919 | 373,897 | 371,959 | |||||||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 43,223 | 41,542 | 40,387 | |||||||||||
| Noncontrolling interests | 466 | 405 | 153 | |||||||||||
| Total liabilities and equity | $438,608 | $415,844 | $412,499 | |||||||||||
| Net interest income (FTE) – Non-GAAP (b)(c) | $1,204 | $1,159 | $1,031 | |||||||||||
| Net interest margin (FTE) – Non-GAAP (b)(c) | 1.27% | 1.30% | 1.15% | |||||||||||
| Less: Tax equivalent adjustment | 1 | — | 1 | |||||||||||
| Net interest income – GAAP | $1,203 | $1,159 | $1,030 | |||||||||||
| Net interest margin – GAAP | 1.27% | 1.30% | 1.15% | |||||||||||
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $247 billion for the second quarter of 2025, $224 billion for the first quarter of 2025 and $163 billion for the second quarter of 2024. 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 4.45% for the second quarter of 2025, 4.46% for the first quarter of 2025 and 5.51% for the second quarter of 2024. 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 4.36% for the second quarter of 2025, 4.37% for the first quarter of 2025 and 5.41% for the second quarter of 2024. 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%.
(c) See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.
10 BNY
| Average balances and interest rates | Year-to-date | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 · June 30, 2024 | |||||||||
| (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 | $92,769 | $1,763 | 3.78% | $102,526 | $2,420 | 4.67% | |||
| Interest-bearing deposits with banks | 10,644 | 171 | 3.23 | 11,467 | 231 | 4.04 | |||
| Federal funds sold and securities purchased under resale agreements (a) | 40,340 | 6,098 | 30.48 | 28,016 | 5,064 | 36.35 | |||
| Loans | 70,472 | 2,031 | 5.80 | 67,063 | 2,180 | 6.53 | |||
| Securities: | |||||||||
| U.S. government obligations | 27,954 | 495 | 3.56 | 27,794 | 519 | 3.76 | |||
| U.S. government agency obligations | 63,192 | 1,048 | 3.32 | 62,842 | 1,023 | 3.26 | |||
| Other securities | 53,015 | 949 | 3.60 | 45,178 | 907 | 4.02 | |||
| Total investment securities | 144,161 | 2,492 | 3.47 | 135,814 | 2,449 | 3.61 | |||
| Trading securities (b) | 6,786 | 171 | 5.05 | 4,997 | 145 | 5.82 | |||
| Total securities (b) | 150,947 | 2,663 | 3.54 | 140,811 | 2,594 | 3.69 | |||
| Total interest-earning assets (b) | $365,172 | $12,726 | 7.01% | $349,883 | $12,489 | 7.15% | |||
| Noninterest-earning assets | 62,117 | 58,359 | |||||||
| Total assets | $427,289 | $408,242 | |||||||
| Liabilities and equity | |||||||||
| Interest-bearing liabilities: | |||||||||
| Interest-bearing deposits | $242,586 | $3,562 | 2.96% | $232,387 | $4,442 | 3.84% | |||
| Federal funds purchased and securities sold under repurchase agreements (a) | 17,525 | 5,485 | 63.11 | 16,922 | 4,676 | 55.57 | |||
| Trading liabilities | 2,444 | 58 | 4.78 | 1,669 | 44 | 5.27 | |||
| Other borrowed funds | 360 | 10 | 5.41 | 427 | 12 | 5.59 | |||
| Commercial paper | 1,899 | 43 | 4.55 | 481 | 13 | 5.54 | |||
| Payables to customers and broker-dealers | 15,320 | 319 | 4.20 | 12,244 | 307 | 5.04 | |||
| Long-term debt | 31,512 | 886 | 5.60 | 31,296 | 924 | 5.87 | |||
| Total interest-bearing liabilities | $311,646 | $10,363 | 6.70% | $295,426 | $10,418 | 7.08% | |||
| Total noninterest-bearing deposits | 48,880 | 49,457 | |||||||
| Other noninterest-bearing liabilities | 23,941 | 22,922 | |||||||
| Total liabilities | 384,467 | 367,805 | |||||||
| Total The Bank of New York Mellon Corporation shareholders’ equity | 42,387 | 40,318 | |||||||
| Noncontrolling interests | 435 | 119 | |||||||
| Total liabilities and equity | $427,289 | $408,242 | |||||||
| Net interest income (FTE) – Non-GAAP (b)(c) | $2,363 | $2,071 | |||||||
| Net interest margin (FTE) – Non-GAAP (b)(c) | 1.29% | 1.17% | |||||||
| Less: Tax equivalent adjustment | 1 | 1 | |||||||
| Net interest income – GAAP | $2,362 | $2,070 | |||||||
| Net interest margin – GAAP | 1.29% | 1.17% | |||||||
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $236 billion for the first six months of 2025 and $157 billion for the first six months of 2024. 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 4.45% for the first six months of 2025 and 5.50% for the first six months of 2024. 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 4.37% for the first six months of 2025 and 5.40% for the first six months of 2024. 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%.
(c) See “Net interest income” on page 9 for the reconciliation of this Non-GAAP measure.
BNY 11
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.