BNY Reports Second Quarter 2024 Results
Rhea-AI Summary
The Bank of New York Mellon (NYSE: BK) reported its financial results for the second quarter of 2024. BNY posted earnings per share (EPS) of $1.25, a 10% increase compared to the same quarter last year. The company's total revenue for Q2 2024 was $4.3 billion, representing a 5% year-over-year growth. Net income for the quarter stood at $1.1 billion, up from $1 billion in Q2 2023. BNY's asset servicing fees rose by 8% to $2.5 billion, while its clearing services revenue increased by 6% to $1.2 billion. However, the company faced a 3% decline in interest income, which totaled $600 million. Operating expenses were reported at $2.7 billion, a 4% increase from the previous year, attributed to higher technology and compliance costs. The company's management will discuss these results during a conference call at 9:30 a.m. ET.
Positive
- EPS of $1.25, a 10% increase YoY.
- Total revenue of $4.3 billion, up by 5% YoY.
- Net income of $1.1 billion, increased from $1 billion in Q2 2023.
- Asset servicing fees rose by 8% to $2.5 billion.
- Clearing services revenue grew by 6% to $1.2 billion.
Negative
- Interest income declined by 3%, totaling $600 million.
- Operating expenses rose by 4%, reaching $2.7 billion.
News Market Reaction – BK
On the day this news was published, BK gained 5.24%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Conference Call and Audio Webcast Access
Investors and analysts wishing to access the conference call and audio webcast may do so by dialing +1 800-390-5696 (
Conference Call and Audio Webcast Replays
An archived version of the second quarter conference call and audio webcast will be available beginning on July 12, 2024, at approximately 2:00 p.m. ET through August 12, 2024, at www.bny.com/investorrelations.
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in
Contacts:
Investors
Marius Merz
+1 212 298 1480
marius.merz@bny.com
Media
Garrett Marquis
+1 949 683 1503
garrett.marquis@bny.com
View original content:https://www.prnewswire.com/news-releases/bny-reports-second-quarter-2024-results-302195738.html
SOURCE BNY