Bank of New York Mellon Corp

Highlights of first quarter 2026 results

We reported net income applicable to common shareholders of $1.56 billion, or $2.24 per diluted common share, in the first quarter of 2026, including the impact of notable items. Notable items in the first quarter of 2026 include severance expense, litigation reserves and a reduction in the Federal Deposit Insurance Corporation (“FDIC”) special assessment. Excluding notable items, net income applicable to common shareholders was $1.57 billion (Non-GAAP), or $2.25 (Non-GAAP) per diluted common share, in the first quarter of 2026. Net income applicable to common shareholders was $1.15 billion, 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 an increase in the FDIC special assessment. Excluding notable items, net income applicable to common shareholders was $1.15 billion (Non-GAAP), or $1.58 (Non-GAAP) per diluted common share, in the first quarter of 2025.

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The highlights below are based on the first quarter of 2026 compared with the first quarter of 2025, unless otherwise noted.

•Total revenue increased 13%, primarily reflecting:

•Fee revenue increased 11%, primarily reflecting higher client activity and net new business, higher market values and foreign exchange revenue, and a favorable impact of a 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 investment-related gains, partially offset by net investment securities losses. (See “Fee and other revenue” beginning on page 6.)

•Net interest income increased 18%, primarily reflecting the continued reinvestment of investment securities at higher yields and balance sheet growth, partially offset by deposit margin compression. (See “Net interest income” on page 8.)

•The provision for credit losses was a benefit of $7 million, primarily driven by improvements in commercial real estate exposure, partially offset by changes in macroeconomic and other factors. (See “Allowance for credit losses” on page 25.)

•Noninterest expense increased 5%, reflecting higher investments and revenue-related expenses, an unfavorable impact of the weaker U.S. dollar and employee merit increases, partially offset by efficiency savings, lower severance expense and the net impact of adjustments for the FDIC special assessment. (See “Noninterest expense” on page 10.)

•Effective tax rate of 19.1% includes a tax benefit in the first quarter of 2026 from the annual vesting of stock awards. (See “Income taxes” on page 10.)

•Return on common shareholders’ equity (“ROE”) was 16.1% for the first quarter of 2026.

•Return on tangible common shareholders’ equity (“ROTCE”) was 29.3% (Non-GAAP) for the first quarter of 2026.

See “Supplemental information – Explanation of GAAP and Non-GAAP financial measures” beginning on page 39 for a reconciliation of these Non-GAAP measures.

Metrics

•AUC/A of $59.4 trillion increased 12%, primarily reflecting net client inflows, higher market values and the favorable impact of the weaker U.S. dollar.

•AUM of $2.1 trillion increased 6%, primarily 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 11.0% at March 31, 2026 and 11.9% at Dec. 31, 2025. The decrease primarily reflects higher risk-weighted assets (“RWA”) driven by a single-day increase in overnight loan balances on the last day of the quarter, along with higher client activity in agency securities lending and foreign exchange. (See “Capital” beginning on page 31.)

•Our Tier 1 leverage ratio was 6.0% at March 31, 2026, a slight decrease compared with Dec. 31, 2025, reflecting higher average assets, largely offset by an increase in Tier 1 capital due to the issuance of preferred stock. (See “Capital” beginning on page 31.)

•Returned $1.4 billion to common shareholders, including $983 million of common share repurchases.

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