BNY Mellon Posts 7% YoY Increase in Revenue During Q2 2022

The global investment platform BNY Mellon has reported financial results for the second quarter ended June 3, 2022, unveiling that the total revenue came in at $4.3 billion, up 7% compared to the same period in the last year.

In the quarter, BNY Mellon's fee revenue reached $3.3 billion, up 4% YoY compared with $3.2 billion of the same period in the last year. Net interest revenue increased 28% YoY to $824 million, compared with $645 million of the same period in the last year.

Investment and other revenue was unchanged primarily reflecting higher strategic equity investment gains, offset by lower seed capital results. Net interest revenue increased 28%, primarily reflecting higher interest rates on interest-earning assets and a change in asset mix, partially offset by higher funding expense and lower interest-earning assets.

"Our second quarter results once again demonstrated the strength and resilience of our business model, and we are pleased that our Board of Directors approved an increase of the quarterly cash dividend on our common shares by 9% to $0.37 per share,"Todd Gibbons, Chief Executive Officer, commented."It has been an honor serving BNY Mellon over the last 36 years and I retire at the end of August confident that the company is in great hands."

Robin Vince, President and CEO-elect, said:"Reported revenue of $4.3 billion was up 7% year-over-year. Our results reflect the benefit of higher interest rates, the strength of our diversified platform, and our exceptional client franchise. We continued to see good sales momentum across most of our businesses, and healthy client volumes tempered the impact of lower market values. We deeply appreciate our employees' commitment in these more volatile markets. Our clients clearly value our resilience, the quality of our services and insights, and the trusted relationship that they have with BNY Mellon."