BNY Mellon Q2 Profit Surges 10% on Higher Fees, EPS $1.51 and Revenue Beat Estimates

Jul 12, 2024, 10:47 AM

BNY Mellon reported a significant rise in its second-quarter profit, driven by higher investment service fees. The company posted adjusted earnings per share (EPS) of $1.51, surpassing the consensus estimate of $1.43. Revenue for the quarter reached $4.60 billion, exceeding the expected $4.53 billion. Total fee revenue increased by 4% year-over-year to $3.4 billion. The bank's average loans amounted to $68.3 billion, up from $63.5 billion a year earlier, while total deposits stood at $304.31 billion, higher than the estimated $288.77 billion. Assets under management grew by 7% year-over-year to $2.05 trillion. BNY Mellon also declared quarterly common stock dividends of $0.31 per share. Additionally, the bank reported zero provisions for credit losses, compared to $27 million in the previous quarter and $5 million a year ago. The net profit rose by 10%, and noninterest expense was $3.1 billion.