CEO COMMENTARY | |
BNY Mellon is off to an encouraging start for the year, with a solid financial performance, and all our businesses building on their momentum from last year.
In the first quarter, we delivered double-digit EPS growth as well as pre-tax margin and ROTCE expansion on the back of positive operating leverage.
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Total revenue of $4.5 billion was up 3% year-over-year, as 8% growth in investment services fees led by strength in Asset Servicing, Issuer Services and Clearance and Collateral Management more than offset revenue headwinds from muted volatility in foreign exchange markets and lower net interest income. We are starting to see our growth initiatives deliver results. Running our company better, inclusive of our focus on platforms, is enabling us to improve profitability and invest in our future. | |
Our performance this quarter provides a glimpse of BNY Mellon's potential to deliver more for our clients. While we are pleased to see early signs of progress, we remain focused on the significant work ahead of us.
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- Robin Vince, President and Chief Executive Officer
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KEY FINANCIAL INFORMATION | ||||||
(in millions, except per share amounts and unless otherwise noted) | 1Q24 vs. | |||||
1Q24 | 4Q23 | 1Q23 | ||||
Selected income statement data: | ||||||
Total fee revenue | $ | 3,305 | 3 | % | 5 | % |
Investment and other revenue | 182 | N/M | N/M | |||
Net interest income | 1,040 | (6) | (8) | |||
Total revenue | $ | 4,527 | 4 | % | 3 | % |
Provision for credit losses | 27 | N/M | N/M | |||
Noninterest expense | $ | 3,176 | (21) | % | 2 | % |
Net income applicable to common shareholders | 953 | 488 | % | 5 | % | |
Diluted EPS | $ | 1.25 | 495 | % | 11 | % |
Selected metrics: | ||||||
AUC/A (in trillions)
| $ | 48.8 | 2 | % | 5 | % |
AUM (in trillions)
| $ | 2.0 | 2 | % | 6 | % |
Financial ratios: | 1Q24 | 4Q23 | 1Q23 | |||
Pre-tax operating margin | 29 | % | 6 | % | 29 | % |
ROE | 10.7 | % | 1.8 | % | 10.4 | % |
ROTCE (a)
| 20.7 | % | 3.6 | % | 20.5 | % |
Capital ratios: | ||||||
Tier 1 leverage ratio | 5.9 | % | 6.0 | % | 5.8 | % |
CET1 ratio | 10.8 | % | 11.5 | % | 10.9 | % |
HIGHLIGHTS |
$1.25
EPS
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$1.29(a)
Adj. EPS
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29%
Pre-tax margin
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30%(a)
Adj. Pre-tax margin
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10.7%
ROE
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21.3%(a)
Adj. ROTCE
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(a) For information on the Non-GAAP measures, see "Explanation of GAAP and Non-GAAP financial measures" beginning on page 9. | |
Note: Above comparisons are 1Q24 vs. 1Q23, unless otherwise noted. Prior period results have been restated to reflect the adoption of new accounting guidance for our investments in renewable energy projects, effective Jan. 1, 2024. Refer to Form 8-K dated March 26, 2024 for further information. | |
Investor Relations: Marius Merz (212) 298-1480
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Media Relations: Garrett Marquis (949) 683-1503
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BNY Mellon1Q24 Financial Results
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(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M) | 1Q24 vs. | |||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||
Fee revenue | $ | 3,305 | $ | 3,214 | $ | 3,156 | 3 | % | 5 | % |
Investment and other revenue | 182 | 43 | 131 | N/M | N/M | |||||
Total fee and other revenue | 3,487 | 3,257 | 3,287 | 7 | 6 | |||||
Net interest income | 1,040 | 1,101 | 1,128 | (6) | (8) | |||||
Total revenue | 4,527 | 4,358 | 4,415 | 4 | 3 | |||||
Provision for credit losses | 27 | 84 | 27 | N/M | N/M | |||||
Noninterest expense | 3,176 | 3,995 | 3,100 | (21) | 2 | |||||
Income before taxes | 1,324 | 279 | 1,288 | 375 | 3 | |||||
Provision for income taxes | 297 | 73 | 306 | 307 | (3) | |||||
Net income | $ | 1,027 | $ | 206 | $ | 982 | 399 | % | 5 | % |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 953 | $ | 162 | $ | 911 | 488 | % | 5 | % |
Operating leverage (a)
| 2,438 | bps | 9 | bps | ||||||
Diluted earnings per common share | $ | 1.25 | $ | 0.21 | $ | 1.13 | 495 | % | 11 | % |
Average common shares and equivalents outstanding - diluted (in thousands)
| 762,268 | 772,102 | 807,718 | |||||||
Pre-tax operating margin | 29 | % | 6 | % | 29 | % | ||||
Metrics: | ||||||||||
Average loans | $ | 65,844 | $ | 65,677 | $ | 63,261 | - | % | 4 | % |
Average deposits | 278,846 | 273,075 | 274,000 | 2 | 2 | |||||
AUC/A at period end (in trillions) (current period is preliminary)
| 48.8 | 47.8 | 46.6 | 2 | 5 | |||||
AUM (in trillions) (current period is preliminary)
| 2.02 | 1.97 | 1.91 | 2 | 6 | |||||
Non-GAAP measures, excluding notable items:(b)
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Adjusted total revenue | $ | 4,527 | $ | 4,508 | $ | 4,416 | - | % | 3 | % |
Adjusted noninterest expense | $ | 3,138 | $ | 3,116 | $ | 3,094 | 1 | % | 1 | % |
Adjusted operating leverage (a)
| (29) | bps | 109 | bps | ||||||
Adjusted diluted earnings per common share | $ | 1.29 | $ | 1.29 | $ | 1.13 | - | % | 14 | % |
Adjusted pre-tax operating margin | 30 | % | 29 | % | 29 | % |
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BNY Mellon1Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 1Q24 vs. | |||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||
Investment services fees: | ||||||||||
Asset Servicing | $ | 1,013 | $ | 975 | $ | 941 | 4 | % | 8 | % |
Issuer Services | 261 | 285 | 236 | (8) | 11 | |||||
Total investment services fees | 1,274 | 1,260 | 1,177 | 1 | 8 | |||||
Foreign exchange revenue | 124 | 118 | 139 | 5 | (11) | |||||
Other fees (a)
| 59 | 54 | 55 | 9 | 7 | |||||
Total fee revenue | 1,457 | 1,432 | 1,371 | 2 | 6 | |||||
Investment and other revenue | 99 | 112 | 72 | N/M | N/M | |||||
Total fee and other revenue | 1,556 | 1,544 | 1,443 | 1 | 8 | |||||
Net interest income | 583 | 635 | 666 | (8) | (12) | |||||
Total revenue | 2,139 | 2,179 | 2,109 | (2) | 1 | |||||
Provision for credit losses | 11 | 64 | - | N/M | N/M | |||||
Noninterest expense | 1,537 | 1,653 | 1,540 | (7) | - | |||||
Income before taxes | $ | 591 | $ | 462 | $ | 569 | 28 | % | 4 | % |
Total revenue by line of business: | ||||||||||
Asset Servicing | $ | 1,668 | $ | 1,675 | $ | 1,657 | - | % | 1 | % |
Issuer Services | 471 | 504 | 452 | (7) | 4 | |||||
Total revenue by line of business | $ | 2,139 | $ | 2,179 | $ | 2,109 | (2) | % | 1 | % |
Pre-tax operating margin | 28 | % | 21 | % | 27 | % | ||||
Securities lending revenue (b)
| $ | 46 | $ | 48 | $ | 48 | (4) | % | (4) | % |
Metrics: | ||||||||||
Average loans | $ | 11,204 | $ | 11,366 | $ | 10,939 | (1) | % | 2 | % |
Average deposits | $ | 174,687 | $ | 171,086 | $ | 167,209 | 2 | % | 4 | % |
AUC/A at period end (in trillions) (current period is preliminary) (c)
| $ | 35.4 | $ | 34.2 | $ | 32.6 | 4 | % | 9 | % |
Market value of securities on loan at period end (in billions) (d)
| $ | 486 | $ | 450 | $ | 441 | 8 | % | 10 | % |
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BNY Mellon1Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 1Q24 vs. | |||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||
Investment services fees: | ||||||||||
Pershing | $ | 482 | $ | 472 | $ | 469 | 2 | % | 3 | % |
Treasury Services | 184 | 179 | 175 | 3 | 5 | |||||
Clearance and Collateral Management | 329 | 322 | 290 | 2 | 13 | |||||
Total investment services fees | 995 | 973 | 934 | 2 | 7 | |||||
Foreign exchange revenue | 24 | 21 | 18 | 14 | 33 | |||||
Other fees (a)
| 58 | 50 | 51 | 16 | 14 | |||||
Total fee revenue | 1,077 | 1,044 | 1,003 | 3 | 7 | |||||
Investment and other revenue | 17 | 16 | 15 | N/M | N/M | |||||
Total fee and other revenue | 1,094 | 1,060 | 1,018 | 3 | 7 | |||||
Net interest income | 423 | 436 | 453 | (3) | (7) | |||||
Total revenue | 1,517 | 1,496 | 1,471 | 1 | 3 | |||||
Provision for credit losses | 5 | 28 | - | N/M | N/M | |||||
Noninterest expense | 834 | 837 | 782 | - | 7 | |||||
Income before taxes | $ | 678 | $ | 631 | $ | 689 | 7 | % | (2) | % |
Total revenue by line of business: | ||||||||||
Pershing | $ | 670 | $ | 669 | $ | 649 | - | % | 3 | % |
Treasury Services | 416 | 408 | 419 | 2 | (1) | |||||
Clearance and Collateral Management | 431 | 419 | 403 | 3 | 7 | |||||
Total revenue by line of business | $ | 1,517 | $ | 1,496 | $ | 1,471 | 1 | % | 3 | % |
Pre-tax operating margin | 45 | % | 42 | % | 47 | % | ||||
Metrics: | ||||||||||
Average loans | $ | 39,271 | $ | 39,200 | $ | 36,854 | - | % | 7 | % |
Average deposits | $ | 89,539 | $ | 87,695 | $ | 86,040 | 2 | % | 4 | % |
AUC/A at period end (in trillions) (current period is preliminary) (b)
| $ | 13.1 | $ | 13.3 | $ | 13.7 | (2) | % | (4) | % |
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BNY Mellon1Q24 Financial Results
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(dollars in millions, unless otherwise noted; not meaningful - N/M) | 1Q24 vs. | ||||||||||
1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | |||||||
Investment management fees | $ | 768 | $ | 725 | $ | 755 | 6 | % | 2 | % | |
Performance fees | 10 | 19 | 22 | N/M | N/M | ||||||
Investment management and performance fees | 778 | 744 | 777 | 5 | - | ||||||
Distribution and servicing fees | 70 | 66 | 55 | 6 | 27 | ||||||
Other fees (a)
| (60) | (55) | (53) | N/M | N/M | ||||||
Total fee revenue | 788 | 755 | 779 | 4 | 1 | ||||||
Investment and other revenue (b)
| 17 | (121) | 6 | N/M | N/M | ||||||
Total fee and other revenue (b)
| 805 | 634 | 785 | 27 | 3 | ||||||
Net interest income | 41 | 45 | 45 | (9) | (9) | ||||||
Total revenue | 846 | 679 | 830 | 25 | 2 | ||||||
Provision for credit losses | (1) | (2) | - | N/M | N/M | ||||||
Noninterest expense | 740 | 685 | 737 | 8 | - | ||||||
Income (loss) before taxes | $ | 107 | $ | (4) | $ | 93 | N/M | (c) | 15 | % | |
Total revenue by line of business: | |||||||||||
Investment Management | $ | 576 | $ | 415 | $ | 564 | 39 | % | 2 | % | |
Wealth Management | 270 | 264 | 266 | 2 | 2 | ||||||
Total revenue by line of business | $ | 846 | $ | 679 | $ | 830 | 25 | % | 2 | % | |
Pre-tax operating margin | 13 | % | (1) | % | 11 | % | |||||
Adjusted pre-tax operating margin - Non-GAAP (d)
| 14 | % | (1) | % | (e) | 13 | % | ||||
Metrics: | |||||||||||
Average loans | $ | 13,553 | $ | 13,405 | $ | 13,960 | 1 | % | (3) | % | |
Average deposits | $ | 11,364 | $ | 12,039 | $ | 16,144 | (6) | % | (30) | % | |
AUM (in billions) (current period is preliminary) (f)
| $ | 2,015 | $ | 1,974 | $ | 1,908 | 2 | % | 6 | % | |
Wealth Management client assets (in billions) (current period is preliminary) (g)
| $ | 309 | (h) | $ | 312 | $ | 279 | (1) | % | 11 | % |
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BNY Mellon1Q24 Financial Results
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(in millions) | 1Q24 | 4Q23 | 1Q23 | |||
Fee revenue | $ | (17) | $ | (17) | $ | 3 |
Investment and other revenue | 47 | 38 | 38 | |||
Total fee and other revenue | 30 | 21 | 41 | |||
Net interest (expense) | (7) | (15) | (36) | |||
Total revenue | 23 | 6 | 5 | |||
Provision for credit losses | 12 | (6) | 27 | |||
Noninterest expense | 65 | 820 | 41 | |||
Income (loss) before taxes | $ | (54) | $ | (808) | $ | (63) |
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BNY Mellon1Q24 Financial Results
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Capital and liquidity ratios | March 31, 2024 | Dec. 31, 2023 | ||
Consolidated regulatory capital ratios: (a)
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CET1 ratio | 10.8 | % | 11.5 | % |
Tier 1 capital ratio | 13.4 | 14.2 | ||
Total capital ratio | 14.3 | 14.9 | ||
Tier 1 leverage ratio (a)
| 5.9 | 6.0 | ||
Supplementary leverage ratio (a)
| 7.0 | 7.3 | ||
BNY Mellon shareholders' equity to total assets ratio | 9.3 | % | 9.9 | % |
BNY Mellon common shareholders' equity to total assets ratio | 8.3 | % | 8.9 | % |
Average LCR (a)
| 117 | % | 117 | % |
Average NSFR (a)
| 136 | % | 135 | % |
Book value per common share | $ | 48.44 | $ | 47.97 |
Tangible book value per common share - Non-GAAP (b)
| $ | 25.44 | $ | 25.25 |
Common shares outstanding (in thousands)
| 747,816 | 759,344 |
Net interest income | 1Q24 vs. | |||||||||
(dollars in millions; not meaningful - N/M) | 1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | |||||
Net interest income | $ | 1,040 | $ | 1,101 | $ | 1,128 | (6)% | (8)% | ||
Add: Tax equivalent adjustment | - | 1 | - | N/M | N/M | |||||
Net interest income, on a fully taxable equivalent ("FTE") basis - Non-GAAP (a)
| $ | 1,040 | $ | 1,102 | $ | 1,128 | (6)% | (8)% | ||
Net interest margin | 1.19 | % | 1.26 | % | 1.29 | % | (7) | bps | (10) | bps |
Net interest margin (FTE) - Non-GAAP (a)
| 1.19 | % | 1.26 | % | 1.29 | % | (7) | bps | (10) | bps |
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BNY Mellon1Q24 Financial Results
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(in millions) | Quarter ended | |||||
March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | ||||
Fee and other revenue | ||||||
Investment services fees | $ | 2,278 | $ | 2,242 | $ | 2,119 |
Investment management and performance fees | 776 | 743 | 776 | |||
Foreign exchange revenue | 152 | 143 | 176 | |||
Financing-related fees | 57 | 45 | 52 | |||
Distribution and servicing fees | 42 | 41 | 33 | |||
Total fee revenue | 3,305 | 3,214 | 3,156 | |||
Investment and other revenue | 182 | 43 | 131 | |||
Total fee and other revenue | 3,487 | 3,257 | 3,287 | |||
Net interest income | ||||||
Interest income | 6,096 | 5,963 | 3,942 | |||
Interest expense | 5,056 | 4,862 | 2,814 | |||
Net interest income | 1,040 | 1,101 | 1,128 | |||
Total revenue | 4,527 | 4,358 | 4,415 | |||
Provision for credit losses | 27 | 84 | 27 | |||
Noninterest expense | ||||||
Staff | 1,857 | 1,831 | 1,791 | |||
Software and equipment | 475 | 486 | 429 | |||
Professional, legal and other purchased services | 349 | 406 | 375 | |||
Net occupancy | 124 | 162 | 119 | |||
Sub-custodian and clearing | 119 | 117 | 118 | |||
Distribution and servicing | 96 | 88 | 85 | |||
Business development | 36 | 61 | 39 | |||
Bank assessment charges | 17 | 670 | 40 | |||
Amortization of intangible assets | 12 | 14 | 14 | |||
Other | 91 | 160 | 90 | |||
Total noninterest expense | 3,176 | 3,995 | 3,100 | |||
Income | ||||||
Income before taxes | 1,324 | 279 | 1,288 | |||
Provision for income taxes | 297 | 73 | 306 | |||
Net income | 1,027 | 206 | 982 | |||
Net (income) loss attributable to noncontrolling interests related to consolidated investment management funds | (2) | 2 | - | |||
Net income applicable to shareholders of The Bank of New York Mellon Corporation | 1,025 | 208 | 982 | |||
Preferred stock dividends | (72) | (46) | (71) | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation | $ | 953 | $ | 162 | $ | 911 |
Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation | Quarter ended | |||||
March 31, 2024 | Dec. 31, 2023 | March 31, 2023 | ||||
(in dollars) | ||||||
Basic | $ | 1.26 | $ | 0.21 | $ | 1.13 |
Diluted | $ | 1.25 | $ | 0.21 | $ | 1.13 |
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BNY Mellon1Q24 Financial Results
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BNY Mellon1Q24 Financial Results
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Reconciliation of Non-GAAP measures, excluding notable items | 1Q24 vs. | ||||||||||
(dollars in millions, except per share amounts) | 1Q24 | 4Q23 | 1Q23 | 4Q23 | 1Q23 | ||||||
Total revenue - GAAP | $ | 4,527 | $ | 4,358 | $ | 4,415 | 4 | % | 3 | % | |
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
| - | (144) | - | ||||||||
Disposal (losses) (a)
| - | (6) | (1) | ||||||||
Adjusted total revenue - Non-GAAP | $ | 4,527 | $ | 4,508 | $ | 4,416 | - | % | 3 | % | |
Noninterest expense - GAAP | $ | 3,176 | $ | 3,995 | $ | 3,100 | (21) | % | 2 | % | |
Less: Severance (b)
| 36 | 200 | - | ||||||||
Litigation reserves (b)
| 2 | 47 | 6 | ||||||||
FDIC special assessment (b)
| - | 632 | - | ||||||||
Adjusted noninterest expense - Non-GAAP | $ | 3,138 | $ | 3,116 | $ | 3,094 | 1 | % | 1 | % | |
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP | $ | 953 | $ | 162 | $ | 911 | 488 | % | 5 | % | |
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
| - | (144) | - | ||||||||
Disposal (losses) (a)
| - | (5) | - | ||||||||
Severance (b)
| (27) | (153) | - | ||||||||
Litigation reserves (b)
| (2) | (47) | (4) | ||||||||
FDIC special assessment (b)
| - | (482) | - | ||||||||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation - Non-GAAP | $ | 982 | $ | 993 | $ | 915 | (1) | % | 7 | % | |
Diluted earnings per common share - GAAP | $ | 1.25 | $ | 0.21 | $ | 1.13 | 495 | % | 11 | % | |
Less: Reduction in the fair value of a contingent consideration receivable related to a prior year divestiture (a)
| - | (0.19) | - | ||||||||
Disposal (losses) (a)
| - | (0.01) | - | ||||||||
Severance (b)
| (0.04) | (0.20) | - | ||||||||
Litigation reserves (b)
| - | (0.06) | (0.01) | ||||||||
FDIC special assessment (b)
| - | (0.62) | - | ||||||||
Total diluted earnings per common share impact of notable items | (0.04) | (1.08) | (0.01) | ||||||||
Adjusted diluted earnings per common share - Non-GAAP | $ | 1.29 | $ | 1.29 | $ | 1.13 | (c) | - | % | 14 | % |
Operating leverage - GAAP (d)
| 2,438 | bps | 9 | bps | |||||||
Adjusted operating leverage - Non-GAAP (d)
| (29) | bps | 109 | bps |
Pre-tax operating margin reconciliation | ||||||
(dollars in millions) | 1Q24 | 4Q23 | 1Q23 | |||
Income before taxes - GAAP | $ | 1,324 | $ | 279 | $ | 1,288 |
Impact of notable items (a)
| (38) | (1,029) | (7) | |||
Adjusted income before taxes, excluding notable items - Non-GAAP | $ | 1,362 | $ | 1,308 | $ | 1,295 |
Total revenue - GAAP | $ | 4,527 | $ | 4,358 | $ | 4,415 |
Impact of notable items (a)
| - | (150) | (1) | |||
Adjusted total revenue, excluding notable items - Non-GAAP | $ | 4,527 | $ | 4,508 | $ | 4,416 |
Pre-tax operating margin - GAAP (b)
| 29 | % | 6 | % | 29 | % |
Adjusted pre-tax operating margin - Non-GAAP (b)
| 30 | % | 29 | % | 29 | % |
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BNY Mellon1Q24 Financial Results
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Return on common equity and return on tangible common equity reconciliation | ||||||
(dollars in millions) | 1Q24 | 4Q23 | 1Q23 | |||
Net income applicable to common shareholders of The Bank of New York Mellon Corporation - GAAP | $ | 953 | $ | 162 | $ | 911 |
Add: Amortization of intangible assets | 12 | 14 | 14 | |||
Less: Tax impact of amortization of intangible assets | 3 | 4 | 3 | |||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets - Non-GAAP | $ | 962 | $ | 172 | $ | 922 |
Impact of notable items (a)
| (29) | (831) | (4) | |||
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items - Non-GAAP | $ | 991 | $ | 1,003 | $ | 926 |
Average common shareholders' equity | $ | 35,905 | $ | 36,050 | $ | 35,483 |
Less: Average goodwill | 16,238 | 16,199 | 16,160 | |||
Average intangible assets | 2,848 | 2,858 | 2,899 | |||
Add: Deferred tax liability - tax deductible goodwill | 1,209 | 1,205 | 1,187 | |||
Deferred tax liability - intangible assets | 655 | 657 | 660 | |||
Average tangible common shareholders' equity - Non-GAAP | $ | 18,683 | $ | 18,855 | $ | 18,271 |
Return on common equity - GAAP (b)
| 10.7 | % | 1.8 | % | 10.4 | % |
Adjusted return on common equity - Non-GAAP (b)
| 11.0 | % | 10.9 | % | 10.5 | % |
Return on tangible common equity - Non-GAAP (b)
| 20.7 | % | 3.6 | % | 20.5 | % |
Adjusted return on tangible common equity - Non-GAAP (b)
| 21.3 | % | 21.1 | % | 20.6 | % |
Reconciliation of Non-GAAP measures, excluding notable items - Investment and Wealth Management | 1Q24 vs. | |||||
(dollars in millions) | 1Q24 | 4Q23 | 4Q23 | |||
Income (loss) before taxes - GAAP | $ | 107 | $ | (4) | N/M | |
Impact of notable items (a)
| (4) | (156) | ||||
Adjusted income before taxes - Non-GAAP | $ | 111 | $ | 152 | (27) | % |
Total revenue - GAAP | $ | 846 | $ | 679 | 25 | % |
Impact of notable items (a)
| - | (144) | ||||
Adjusted total revenue - Non-GAAP | $ | 846 | $ | 823 | 3 | % |
Less: Distribution and servicing expense | 89 | |||||
Adjusted total revenue, net of distribution and servicing expense - Non-GAAP | $ | 734 | ||||
Pre-tax operating margin - GAAP (b)
| (1) | % | ||||
Adjusted pre-tax operating margin, net of distribution and servicing expense - Non-GAAP (b)
| (1) | % | ||||
Adjusted pre-tax operating margin, net of distribution and servicing expense and excluding notable items - Non-GAAP (b)
| 21 | % |
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BNY Mellon1Q24 Financial Results
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The Bank of New York Mellon Corporation published this content on 16 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 April 2024 10:34:06 UTC.