The Bank of New York Mellon Corporation (BNY) has reported its financial results for the third quarter of 2024, revealing a strong performance across its three business segments.
Highlights of the financial results include an increase in total revenue to $4.6 billion, up by 5% compared to the same period last year. The company's noninterest expense remained flat at $3.1 billion, and diluted earnings per share stood at $1.50, representing a 22% increase year-over-year. Excluding notable items, earnings per share were $1.52, up 20% year-over-year.
The company's assets under custody and/or administration (AUC/A) exceeded $50 trillion for the first time, reaching $52.1 trillion, a 5% increase from the previous period. Assets under management (AUM) also saw a 5% increase, reaching $2.1 trillion.
The pre-tax operating margin was reported at 33%, and the return on tangible common equity (ROTCE) stood at 22.8%. The company returned $1.078 billion of capital to common shareholders, including $353 million of dividends and $725 million of share repurchases, resulting in a total payout ratio of 103% year-to-date.
In terms of the Securities Services business segment, total revenue increased by 5%, driven by higher market values, net new business, and higher foreign exchange revenue. The Investment and Wealth Management business segment reported a 3% increase in total revenue, primarily attributed to higher market values and improved seed capital results.
The company also saw a 14% increase in assets under custody and/or administration and an 18% increase in assets under management, reflecting the company's continued growth and strong performance in the market.
Today the company's shares have moved 2.1% to a price of $76.0. If you want to know more, read the company's complete 8-K report here.
