Document


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2025


Table of Contents




Consolidated Results						Page
Consolidated Financial Highlights						3
Condensed Consolidated Income Statement						4
Condensed Consolidated Balance Sheet						5
Fee and Other Revenue						6
Average Balances and Interest Rates						7
Capital and Liquidity						8

Business Segment Results
Securities Services Business Segment						9
Market and Wealth Services Business Segment						11
Investment and Wealth Management Business Segment						13
AUM by Product Type, Changes in AUM and Wealth Management Client Assets						14
Other Segment						15

Other
Securities Portfolio						16
Allowance for Credit Losses and Nonperforming Assets						17

Supplemental Information
Explanation of GAAP and Non-GAAP Financial Measures						18


THE BANK OF NEW YORK MELLON CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per common share amounts, or unless otherwise noted)																1Q25 vs.
	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24		1Q24
Selected income statement data


Fee and other revenue	$	3,633		$	3,653		$	3,600		$	3,567		$	3,487		(1)	%	4	%
Net interest income	1,159			1,194			1,048			1,030			1,040			(3)		11
Total revenue	4,792			4,847			4,648			4,597			4,527			(1)		6
Provision for credit losses	18			20			23			—			27			N/M		N/M
Noninterest expense	3,252			3,355			3,100			3,070			3,176			(3)		2
Income before income taxes	1,522			1,472			1,525			1,527			1,324			3		15
Provision for income taxes	300			315			336			357			297			(5)		1
Net income	$	1,222		$	1,157		$	1,189		$	1,170		$	1,027		6	%	19	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,149		$	1,130		$	1,110		$	1,143		$	953		2	%	21	%
Diluted earnings per common share	$	1.58		$	1.54		$	1.50		$	1.52		$	1.25		3	%	26	%
Average common shares and equivalents outstanding – diluted (in thousands)	727,398			733,720			742,080			751,596			762,268			(1)	%	(5)	%

Financial ratios (Quarterly returns are annualized)
Pre-tax operating margin	32		%	30		%	33		%	33		%	29		%
Return on common equity	12.6		%	12.2		%	12.0		%	12.7		%	10.7		%
Return on tangible common equity – Non-GAAP (a)	24.2		%	23.3		%	22.8		%	24.6		%	20.7		%
Non-U.S. revenue as a percentage of total revenue	33		%	35		%	35		%	36		%	34		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	53.1		$	52.1		$	52.1		$	49.5		$	48.8		2	%	9	%
Assets under management (“AUM”) (in trillions)	$	2.01		$	2.03		$	2.14		$	2.05		$	2.02		(1)	%	—	%
Full-time employees	51,000			51,800			52,600			52,000			52,100			(2)	%	(2)	%
Book value per common share	$	52.82		$	51.52		$	51.78		$	49.46		$	48.44
Tangible book value per common share – Non-GAAP (a)	$	28.20		$	27.05		$	28.01		$	26.19		$	25.44
Cash dividends per common share	$	0.47		$	0.47		$	0.47		$	0.42		$	0.42
Common dividend payout ratio	30		%	31		%	32		%	28		%	34		%
Closing stock price per common share	$	83.87		$	76.83		$	71.86		$	59.89		$	57.62
Market capitalization	$	60,003		$	55,139		$	52,248		$	44,196		$	43,089
Common shares outstanding (in thousands)	715,434			717,680			727,078			737,957			747,816

Capital ratios at period end (c)
Common Equity Tier 1 (“CET1”) ratio	11.5		%	11.2		%	11.9		%	11.4		%	10.8		%
Tier 1 capital ratio	14.7		%	13.7		%	14.5		%	14.0		%	13.4		%
Total capital ratio	15.7		%	14.8		%	15.6		%	15.0		%	14.3		%
Tier 1 leverage ratio	6.2		%	5.7		%	6.0		%	5.8		%	5.9		%
Supplementary leverage ratio (“SLR”)	6.9		%	6.5		%	7.0		%	6.8		%	7.0		%
(a) Non-GAAP information, for all periods presented, excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of Non-GAAP measures.
(b) Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at June 30, 2024 and March 31, 2024.
(c) Regulatory capital ratios for March 31, 2025 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2025 and Dec. 31, 2024 was the Standardized Approach, for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for June 30, 2024 and March 31, 2024 was the Standardized Approach.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

(dollars in millions, except per share amounts; common shares in thousands)											1Q25 vs.
	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24		1Q24
Revenue
Investment services fees	$	2,411	$	2,438	$	2,344	$	2,359	$	2,278	(1)	%	6	%
Investment management and performance fees	739		808		794		761		776		(9)		(5)
Foreign exchange revenue	156		177		175		184		152		(12)		3
Financing-related fees	60		53		53		53		57		13		5
Distribution and servicing fees	37		37		38		41		42		—		(12)
Total fee revenue	3,403		3,513		3,404		3,398		3,305		(3)		3
Investment and other revenue	230		140		196		169		182		N/M		N/M
Total fee and other revenue	3,633		3,653		3,600		3,567		3,487		(1)		4
Net interest income	1,159		1,194		1,048		1,030		1,040		(3)		11
Total revenue	4,792		4,847		4,648		4,597		4,527		(1)		6
Provision for credit losses	18		20		23		—		27		N/M		N/M
Noninterest expense
Staff	1,834		1,817		1,736		1,720		1,857		1		(1)
Software and equipment	513		520		491		476		475		(1)		8
Professional, legal and other purchased services	366		410		370		374		349		(11)		5
Net occupancy	136		149		130		134		124		(9)		10
Sub-custodian and clearing	131		128		117		134		119		2		10
Distribution and servicing	65		87		90		88		96		(25)		(32)
Business development	48		54		48		50		36		(11)		33
Bank assessment charges	38		16		10		(7)		17		N/M		N/M

Amortization of intangible assets	11		13		12		13		12		(15)		(8)
Other	110		161		96		88		91		(32)		21
Total noninterest expense	3,252		3,355		3,100		3,070		3,176		(3)		2
Income before income taxes	1,522		1,472		1,525		1,527		1,324		3		15
Provision for income taxes	300		315		336		357		297		(5)		1
Net income	1,222		1,157		1,189		1,170		1,027		6		19
Net (income) attributable to noncontrolling interests	(2)		(2)		(7)		(2)		(2)		N/M		N/M
Preferred stock dividends	(71)		(25)		(72)		(25)		(72)		N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,149	$	1,130	$	1,110	$	1,143	$	953	2	%	21	%

Average common shares and equivalents outstanding: Basic	720,951		726,568		736,547		746,904		756,937		(1)	%	(5)	%
Diluted	727,398		733,720		742,080		751,596		762,268		(1)	%	(5)	%

Earnings per common share: Basic	$	1.59	$	1.56	$	1.51	$	1.53	$	1.26	2	%	26	%
Diluted	$	1.58	$	1.54	$	1.50	$	1.52	$	1.25	3	%	26	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2025		2024
(dollars in millions)	March 31		Dec. 31		Sept. 30		June 30		March 31
Assets
Cash and due from banks	$	5,354	$	4,178	$	6,234	$	5,311	$	5,305
Interest-bearing deposits with the Federal Reserve and other central banks	102,303		89,546		102,231		116,139		119,197
Interest-bearing deposits with banks	11,945		9,612		9,354		11,488		10,636
Federal funds sold and securities purchased under resale agreements	41,316		41,146		36,164		29,723		29,661
Securities	145,385		136,627		141,876		136,850		138,909
Trading assets	11,978		13,981		12,459		9,609		10,078
Loans	71,404		71,570		69,451		70,642		73,615
Allowance for loan losses	(295)		(294)		(296)		(286)		(322)
Net loans	71,109		71,276		69,155		70,356		73,293
Premises and equipment	3,257		3,266		3,380		3,267		3,136
Accrued interest receivable	1,302		1,293		1,319		1,253		1,343
Goodwill	16,661		16,598		16,338		16,217		16,228
Intangible assets	2,846		2,851		2,824		2,826		2,839
Other assets	27,235		25,690		26,127		25,500		24,103
Total assets	$	440,691	$	416,064	$	427,461	$	428,539	$	434,728
Liabilities
Deposits	$	308,644	$	289,524	$	296,438	$	304,311	$	309,020
Federal funds purchased and securities sold under repurchase agreements	15,663		14,064		14,574		15,701		15,112
Trading liabilities	4,580		4,865		4,553		3,372		3,100
Payables to customers and broker-dealers	22,244		20,073		19,741		17,569		19,392
Commercial paper	1,662		301		301		301		—
Other borrowed funds	212		225		401		280		306
Accrued taxes and other expenses	4,438		5,270		5,138		4,729		4,395
Other liabilities	8,756		9,124		10,726		10,208		10,245
Long-term debt	30,869		30,854		33,199		30,947		32,396
Total liabilities	397,068		374,300		385,071		387,418		393,966
Temporary equity
Redeemable noncontrolling interests	94		87		107		92		82
Permanent equity
Preferred stock	5,331		4,343		4,343		4,343		4,343
Common stock	14		14		14		14		14
Additional paid-in capital	29,535		29,321		29,230		29,139		29,055
Retained earnings	43,343		42,537		41,756		40,999		40,178
Accumulated other comprehensive loss, net of tax	(4,115)		(4,656)		(3,867)		(4,900)		(4,876)
Less: Treasury stock, at cost	(30,989)		(30,241)		(29,484)		(28,752)		(28,145)
Total The Bank of New York Mellon Corporation shareholders’ equity	43,119		41,318		41,992		40,843		40,569
Nonredeemable noncontrolling interests of consolidated investment management funds	410		359		291		186		111
Total permanent equity	43,529		41,677		42,283		41,029		40,680
Total liabilities, temporary equity and permanent equity	$	440,691	$	416,064	$	427,461	$	428,539	$	434,728


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											1Q25 vs.
(dollars in millions)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24		1Q24
Investment services fees	$	2,411	$	2,438	$	2,344	$	2,359	$	2,278	(1)	%	6	%
Investment management and performance fees:
Investment management fees (a)	734		788		781		753		766		(7)		(4)
Performance fees	5		20		13		8		10		N/M		N/M
Total investment management and performance fees (b)	739		808		794		761		776		(9)		(5)
Foreign exchange revenue	156		177		175		184		152		(12)		3
Financing-related fees	60		53		53		53		57		13		5
Distribution and servicing fees	37		37		38		41		42		—		(12)
Total fee revenue	3,403		3,513		3,404		3,398		3,305		(3)		3
Investment and other revenue:
Income (loss) from consolidated investment management funds	6		(5)		28		8		15		N/M		N/M
Seed capital (losses) gains (c)	(6)		3		3		—		14		N/M		N/M
Other trading revenue	71		89		79		77		69		N/M		N/M
Renewable energy investment gains	15		5		6		8		6		N/M		N/M
Corporate/bank-owned life insurance	38		47		36		26		28		N/M		N/M
Other investments gains (d)	24		8		12		30		17		N/M		N/M
Disposal gains	40		—		—		—		—		N/M		N/M
Expense reimbursements from joint venture	31		29		32		30		27		N/M		N/M
Other income	11		14		17		7		7		N/M		N/M
Net securities (losses)	—		(50)		(17)		(17)		(1)		N/M		N/M
Total investment and other revenue	230		140		196		169		182		N/M		N/M
Total fee and other revenue	$	3,633	$	3,653	$	3,600	$	3,567	$	3,487	(1)	%	4	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis, investment management and performance fees decreased 4% (Non-GAAP) compared with 1Q24. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Includes gains (losses) on investments in BNY funds which hedge deferred incentive awards.
(d) Includes strategic equity, private equity and other investments.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AVERAGE BALANCES AND INTEREST RATES
	1Q25					4Q24					3Q24					2Q24					1Q24
	Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate			Average balance		Average rate
(dollars in millions; average rates are annualized)
Assets
Interest-earning assets:
Interest-bearing deposits with the Federal Reserve and other central banks	$	86,038	3.84	%		$	94,337	4.18	%		$	100,611	4.62	%		$	102,257	4.65	%		$	102,795	4.69	%
Interest-bearing deposits with banks	10,083		3.39			10,479		3.54			10,559		4.15			11,210		3.91			11,724		4.16
Federal funds sold and securities purchased under resale agreements	41,166		28.79		(a)	37,939		31.22		(a)	31,183		36.65		(a)	29,013		36.48		(a)	27,019		36.22		(a)
Loans	69,670		5.80			69,211		6.17			69,205		6.57			68,283		6.58			65,844		6.48
Securities:
U.S. government obligations	26,614		3.49			27,223		3.47			28,490		3.71			28,347		3.82			27,242		3.70
U.S. government agency obligations	63,514		3.27			63,166		3.31			62,572		3.26			62,549		3.29			63,135		3.22
Other securities	51,403		3.62			49,675		3.76			48,647		4.00			46,828		4.04			43,528		4.01
Total investment securities	141,531		3.44			140,064		3.50			139,709		3.61			137,724		3.66			133,905		3.57
Trading securities (b)	6,199		5.29			5,738		6.13			5,667		5.33			5,146		5.89			4,846		5.75
Total securities (b)	147,730		3.52			145,802		3.61			145,376		3.68			142,870		3.74			138,751		3.65
Total interest-earning assets (b)	$	354,687	6.97	%		$	357,768	7.18	%		$	356,934	7.40	%		$	353,633	7.24	%		$	346,133	7.06	%
Noninterest-earning assets	61,157					62,576					59,463					58,866					57,852
Total assets	$	415,844				$	420,344				$	416,397				$	412,499				$	403,985

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	234,394	2.98	%		$	235,281	3.27	%		$	236,724	3.82	%		$	235,878	3.85	%		$	228,897	3.84	%
Federal funds purchased and securities sold under repurchase agreements	17,566		60.25		(a)	17,599		60.52		(a)	16,584		62.85		(a)	17,711		55.26		(a)	16,133		55.91		(a)
Trading liabilities	2,063		4.56			1,887		4.61			1,844		4.83			1,689		5.43			1,649		5.11
Other borrowed funds	288		5.93			484		2.32			418		3.15			351		8.61			502		3.47
Commercial paper	1,279		4.51			2,336		4.83			1,474		5.50			954		5.54			8		5.42
Payables to customers and broker-dealers	15,142		4.21			13,672		4.77			12,737		5.29			12,066		5.35			12,420		4.74
Long-term debt	31,216		5.57			31,506		5.58			33,154		5.93			31,506		5.92			31,087		5.82
Total interest-bearing liabilities	$	301,948	6.66	%		$	302,765	6.92	%		$	302,935	7.36	%		$	300,155	7.18	%		$	290,696	6.99	%
Total noninterest-bearing deposits	48,141					51,207					47,962					48,965					49,949
Other noninterest-bearing liabilities	23,808					24,790					24,122					22,839					23,005
Total The Bank of New York Mellon Corporation shareholders’ equity	41,542					41,266					41,115					40,387					40,248
Noncontrolling interests	405					316					263					153					87
Total liabilities and equity	$	415,844				$	420,344				$	416,397				$	412,499				$	403,985
Net interest margin			1.30	%				1.32	%				1.16	%				1.15	%				1.19	%
Net interest margin (FTE) – Non-GAAP (c)			1.30	%				1.32	%				1.16	%				1.15	%				1.19	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $224 billion for 1Q25, $208 billion for 4Q24, $179 billion for 3Q24, $163 billion for 2Q24 and $151 billion for 1Q24. On a Non-GAAP basis, excluding the impact of offsetting, the yield on federal funds sold and securities purchased under resale agreements would have been 4.46% for 1Q25, 4.82% for 4Q24, 5.43% for 3Q24, 5.51% for 2Q24 and 5.49% for 1Q24. On a Non-GAAP basis, excluding the impact of offsetting, the rate on federal funds purchased and securities sold under repurchase agreements would have been 4.37% for 1Q25, 4.73% for 4Q24, 5.32% for 3Q24, 5.41% for 2Q24 and 5.38% for 1Q24. We believe providing the rates excluding the impact of netting is useful to investors as it is more reflective of the actual rates earned and paid.
(b) Average rates were calculated on an FTE basis, at tax rates of approximately 21%.
(c) See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

	2025			2024
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	19,505		$	18,759		$	19,687		$	18,671		$	18,383
Tier 1 capital	24,783			23,039			23,972			23,006			22,723
Total capital	26,581			24,818			25,865			24,538			24,310
Risk-weighted assets	169,080			167,786			165,652			164,094			169,909

CET1 ratio	11.5		%	11.2		%	11.9		%	11.4		%	10.8		%
Tier 1 capital ratio	14.7			13.7			14.5			14.0			13.4
Total capital ratio	15.7			14.8			15.6			15.0			14.3

Advanced Approaches:
CET1 capital	$	19,505		$	18,759		$	19,687		$	18,671		$	18,383
Tier 1 capital	24,783			23,039			23,972			23,006			22,723
Total capital	26,246			24,535			25,534			24,201			23,940
Risk-weighted assets	162,226			160,472			163,858			161,778			165,663

CET1 ratio	12.0		%	11.7		%	12.0		%	11.5		%	11.1		%
Tier 1 capital ratio	15.3			14.4			14.6			14.2			13.7
Total capital ratio	16.2			15.3			15.6			15.0			14.5

Tier 1 leverage ratio (a):
Average assets for Tier 1 leverage ratio	$	397,513		$	402,069		$	398,381		$	394,672		$	386,148
Tier 1 leverage ratio	6.2		%	5.7		%	6.0		%	5.8		%	5.9		%

SLR (a):
Leverage exposure	$	359,088		$	353,523		$	342,942		$	336,971		$	325,801
SLR	6.9		%	6.5		%	7.0		%	6.8		%	7.0		%

Average liquidity coverage ratio (a)	116		%	115		%	116		%	115		%	117		%
Average net stable funding ratio (a)	132		%	132		%	132		%	132		%	136		%
(a) Regulatory capital and liquidity ratios for March 31, 2025 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2025 and Dec. 31, 2024 was the Standardized Approach, for Sept. 30, 2024 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, and for June 30, 2024 and March 31, 2024 was the Standardized Approach.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																1Q25 vs.
(dollars in millions)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24		1Q24
Revenue:
Investment services fees:
Asset Servicing	$	1,062		$	1,042		$	1,021		$	1,018		$	1,013		2	%	5	%
Issuer Services	267			295			285			322			261			(9)		2
Total investment services fees	1,329			1,337			1,306			1,340			1,274			(1)		4
Foreign exchange revenue	136			147			137			144			124			(7)		10
Other fees (a)	65			62			57			56			59			5		10
Total fee revenue	1,530			1,546			1,500			1,540			1,457			(1)		5
Investment and other revenue	140			97			105			104			99			N/M		N/M
Total fee and other revenue	1,670			1,643			1,605			1,644			1,556			2		7
Net interest income	630			681			609			595			583			(7)		8
Total revenue	2,300			2,324			2,214			2,239			2,139			(1)		8
Provision for credit losses	8			15			15			(3)			11			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,578			1,659			1,550			1,547			1,530			(5)		3
Amortization of intangible assets	6			7			7			7			7			(14)		(14)
Total noninterest expense	1,584			1,666			1,557			1,554			1,537			(5)		3
Income before income taxes	$	708		$	643		$	642		$	688		$	591		10	%	20	%


Total revenue by line of business:
Asset Servicing	$	1,786		$	1,797		$	1,720		$	1,687		$	1,668		(1)	%	7	%
Issuer Services	514			527			494			552			471			(2)		9
Total revenue by line of business	$	2,300		$	2,324		$	2,214		$	2,239		$	2,139		(1)	%	8	%

Financial ratios:
Pre-tax operating margin	31		%	28		%	29		%	31		%	28		%

Memo: Securities lending revenue (b)	$	52		$	52		$	47		$	46		$	46		—	%	13	%
(a) Other fees primarily include financing-related fees.
(b) Included in investment services fees reported in the Asset Servicing line of business.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

											1Q25 vs.
(dollars in millions, unless otherwise noted)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24		1Q24
Selected balance sheet data:
Average loans	$	11,347	$	11,553	$	11,077	$	11,103	$	11,204	(2)	%	1	%
Average assets (a)	$	194,901	$	200,277	$	199,057	$	196,015	$	191,544	(3)	%	2	%
Average deposits	$	175,854	$	180,843	$	180,500	$	178,495	$	174,687	(3)	%	1	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	38.1	$	37.7	$	37.5	$	35.7	$	35.4	1	%	8	%
Market value of securities on loan at period end (in billions) (d)	$	504	$	488	$	484	$	481	$	486	3	%	4	%

Issuer Services
Total debt serviced at period end (in trillions)	$	13.9	$	14.1	$	14.3	$	14.1	$	14.0	(1)	%	(1)	%
Number of sponsored Depositary Receipts programs at period end	488		499		507		516		527		(2)	%	(7)	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2025 information is preliminary.
(c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024, $1.9 trillion at Sept. 30, 2024 and $1.7 trillion at June 30, 2024 and March 31, 2024.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024, $67 billion at Sept. 30, 2024, $66 billion at June 30, 2024 and $64 billion at March 31, 2024.


THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT

																1Q25 vs.
(dollars in millions)	1Q25			4Q24			3Q24			2Q24			1Q24			4Q24		1Q24
Revenue:
Investment services fees:
Pershing	$	503		$	516		$	475		$	474		$	482		(3)	%	4	%
Treasury Services	209			206			200			202			184			1		14
Clearance and Collateral Management	362			364			354			338			329			(1)		10
Total investment services fees	1,074			1,086			1,029			1,014			995			(1)		8
Foreign exchange revenue	29			27			23			23			24			7		21
Other fees (a)	65			61			58			58			58			7		12
Total fee revenue	1,168			1,174			1,110			1,095			1,077			(1)		8
Investment and other revenue	21			19			20			23			17			N/M		N/M
Total fee and other revenue	1,189			1,193			1,130			1,118			1,094			—		9
Net interest income	497			474			415			417			423			5		17
Total revenue	1,686			1,667			1,545			1,535			1,517			1		11
Provision for credit losses	4			9			7			(2)			5			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	865			851			833			832			833			2		4
Amortization of intangible assets	1			1			1			1			1			—		—
Total noninterest expense	866			852			834			833			834			2		4
Income before income taxes	$	816		$	806		$	704		$	704		$	678		1	%	20	%


Total revenue by line of business:
Pershing	$	719		$	705		$	649		$	663		$	670		2	%	7	%
Treasury Services	477			471			424			426			416			1		15
Clearance and Collateral Management	490			491			472			446			431			—		14
Total revenue by line of business	$	1,686		$	1,667		$	1,545		$	1,535		$	1,517		1	%	11	%


Financial ratios:
Pre-tax operating margin	48		%	48		%	46		%	46		%	45		%
(a) Other fees primarily include financing-related fees.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
MARKET AND WEALTH SERVICES BUSINESS SEGMENT

											1Q25 vs.
(dollars in millions, unless otherwise noted)	1Q25		4Q24		3Q24		2Q24		1Q24		4Q24		1Q24
Selected balance sheet data:
Average loans	$	42,986	$	42,217	$	42,730	$	41,893	$	39,271	2	%	9	%
Average assets (a)	$	129,244	$	126,919	$	122,526	$	124,790	$	123,552	2	%	5	%
Average deposits	$	91,905	$	90,980	$	88,856	$	91,371	$	89,539	1	%	3	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	14.7	$	14.1	$	14.3	$	13.4	$	13.1	4	%	12	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.7	$	2.7	$	2.7	$	2.6	$	2.6	—	%	4	%
Net new assets (U.S. platform) (in billions) (d)	$	11	$	41	$	(22)	$	(23)	$	(2)	N/M		N/M
Daily average revenue trades (“DARTs”) (U.S. platform) (in thousands)	298		254		251		280		290		17	%	3	%
Average active clearing accounts (in thousands)	8,406		8,260		8,085		8,057		7,991		2	%	5	%

Treasury Services
Average daily U.S. dollar payment volumes	244,673		250,714		242,243		241,253		237,124		(2)	%	3	%

Clearance and Collateral Management
Average collateral balances (in billions) (e)	$	6,576	$	6,463	$	6,380	$	6,085	$	5,937	2	%	11	%
(a) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
(b) March 31, 2025 information is preliminary.
(c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.
(d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer.
(e) The previously reported metric for the Clearance and Collateral Management line of business, Average tri-party collateral management balances, has been replaced with a new metric, Average collateral balances. Average collateral balances include all revenue-generating collateral balances, including the tri-party collateral management balances previously reported. The average collateral balances were $6,217 billion for full-year 2024, $6,343 billion for full-year 2023, $5,861 billion for full-year 2022, $4,657 billion for full-year 2021 and $3,966 billion for full-year 2020.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT

																	1Q25 vs.
(dollars in millions)	1Q25			(a)	4Q24			3Q24			2Q24			1Q24			4Q24		(a)	1Q24		(a)
Revenue:
Investment management fees (a)	$	735			$	789		$	782		$	754		$	768		(7)	%		(4)	%
Performance fees	5				20			13			8			10			N/M			N/M
Investment management and performance fees (b)	740				809			795			762			778			(9)			(5)
Distribution and servicing fees	68				68			68			69			70			—			(3)
Other fees (c)	(75)				(64)			(68)			(64)			(60)			N/M			N/M
Total fee revenue	733				813			795			767			788			(10)			(7)
Investment and other revenue (d)	5				13			9			11			17			N/M			N/M
Total fee and other revenue (d)	738				826			804			778			805			(11)			(8)
Net interest income	41				47			45			43			41			(13)			—
Total revenue	779				873			849			821			846			(11)			(8)
Provision for credit losses	2				—			1			4			(1)			N/M			N/M
Noninterest expense (ex. amortization of intangible assets) (a)	710				695			668			663			736			2			(4)

Amortization of intangible assets	4				5			4			5			4			(20)			—
Total noninterest expense	714				700			672			668			740			2			(4)
Income before income taxes	$	63			$	173		$	176		$	149		$	107		(64)	%		(41)	%


Total revenue by line of business:
Investment Management (a)	$	505			$	585		$	569		$	549		$	576		(14)	%		(12)	%
Wealth Management	274				288			280			272			270			(5)			1
Total revenue by line of business	$	779			$	873		$	849		$	821		$	846		(11)	%		(8)	%

Financial ratios:
Pre-tax operating margin	8		%		20		%	21		%	18		%	13		%
Adjusted pre-tax operating margin – Non-GAAP (e)	9		%		22		%	23		%	20		%	14		%

Selected balance sheet data:
Average loans	$	13,537			$	13,718		$	13,648		$	13,520		$	13,553		(1)	%		—	%
Average assets (f)	$	26,402			$	26,706		$	26,525		$	26,031		$	26,272		(1)	%		—	%
Average deposits	$	9,917			$	9,967		$	10,032		$	11,005		$	11,364		(1)	%		(13)	%
(a) Effective 1Q25, an adjustment for certain rebates, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for both 1Q25 and 1Q24 and impacted the variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above.
(b) On a constant currency basis, investment management and performance fees decreased 4% (Non-GAAP) compared with 1Q24. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(c) Other fees primarily include investment services fees.
(d) Investment and other revenue and total fee and other revenue are net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds.
(e) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP Financial Measures” beginning on page 18 for the reconciliation of this Non-GAAP measure.
(f) In business segments where average deposits are greater than average loans, average assets include an allocation of investment securities equal to the difference.
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
AUM BY PRODUCT TYPE, CHANGES IN AUM AND WEALTH MANAGEMENT CLIENT ASSETS

												1Q25 vs.
(dollars in billions)	1Q25		4Q24		3Q24		2Q24		1Q24			4Q24		1Q24
AUM by product type (a)(b):
Equity	$	156	$	162	$	173	$	167	$	168		(4)	%	(7)	%
Fixed income	234		221		235		221		219			6		7
Index	470		491		498		485		474			(4)		(1)
Liability-driven investments	549		548		637		598		573			—		(4)
Multi-asset and alternative investments	167		171		175		173		174			(2)		(4)
Cash	432		436		426		401		407			(1)		6
Total AUM	$	2,008	$	2,029	$	2,144	$	2,045	$	2,015		(1)	%	—	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	2,029	$	2,144	$	2,045	$	2,015	$	1,974
Net inflows (outflows):
Long-term strategies:
Equity	(3)		(5)		(2)		(4)		(4)
Fixed income	2		(2)		4		4		12
Liability-driven investments	1		(11)		(4)		4		13
Multi-asset and alternative investments	(2)		(2)		(6)		(2)		(5)
Total long-term active strategies (outflows) inflows	(2)		(20)		(8)		2		16
Index	(11)		(7)		(16)		(4)		(15)
Total long-term strategies (outflows) inflows	(13)		(27)		(24)		(2)		1
Short-term strategies:
Cash	(5)		12		24		(7)		16
Total net (outflows) inflows	(18)		(15)		—		(9)		17
Net market impact	(25)		(45)		58		40		16
Net currency impact	22		(55)		41		(1)		(10)
Other	—		—		—		—		18		(c)
Ending balance of AUM	$	2,008	$	2,029	$	2,144	$	2,045	$	2,015		(1)	%	—	%

Wealth Management client assets (a)(d)	$	327	$	327	$	333	$	308	$	309		—	%	6	%
(a) March 31, 2025 information is preliminary.
(b) Represents assets managed in the Investment and Wealth Management business segment.
(c) Reflects the realignment of similar products and services within our lines of business. Refer to Form 8-K dated March 26, 2024 for further information.
(d) Includes AUM and AUC/A in the Wealth Management line of business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(dollars in millions)	1Q25		4Q24		3Q24		2Q24		1Q24
Revenue:
Fee revenue	$	(28)	$	(20)	$	(1)	$	(4)	$	(17)
Investment and other revenue	62		9		55		29		47
Total fee and other revenue	34		(11)		54		25		30
Net interest (expense)	(9)		(8)		(21)		(25)		(7)
Total revenue	25		(19)		33		—		23
Provision for credit losses	4		(4)		—		1		12
Noninterest expense	88		137		37		15		65
(Loss) before income taxes	$	(67)	$	(152)	$	(4)	$	(16)	$	(54)


Selected balance sheet data:
Average loans and leases	$	1,800	$	1,723	$	1,750	$	1,767	$	1,816
Average assets	$	65,297	$	66,442	$	68,289	$	65,663	$	62,617


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Dec. 31, 2024			1Q25 change in unrealized gain (loss)		March 31, 2025					Fair value as a % of amortized cost (a)		Unrealized gain (loss)			% Floating rate (b)			Ratings (c)
			Amortized cost (a)			Fair value												AAA/ AA-	A+/ A-		BBB+/ BBB-		BB+ and lower				Not rated
	Fair value
Agency RMBS	$	42,183		$	649	$	48,279	$	44,912		93	%	$	(3,367)		21	%		100	%	—	%	—	%	—	%		—	%
Non-U.S. government (d)	29,198			89		33,259		33,025			99		(234)			24			95		2		2		1			—
U.S. Treasury	24,793			217		28,296		27,898			99		(398)			39			100		—		—		—			—
Agency commercial MBS	10,377			97		10,585		10,197			96		(388)			42			100		—		—		—			—
Foreign covered bonds	7,623			17		7,900		7,856			99		(44)			37			100		—		—		—			—
CLOs	7,637			(23)		7,855		7,844			100		(11)			100			100		—		—		—			—
U.S. government agencies	5,636			72		5,656		5,391			95		(265)			25			100		—		—		—			—
Non-agency commercial MBS	2,487			18		2,594		2,458			95		(136)			47			100		—		—		—			—
Non-agency RMBS	1,492			10		1,588		1,445			91		(143)			40			98		2		—		—			—
Other asset-backed securities	615			6		532		499			94		(33)			14			100		—		—		—			—
Other debt securities	10			—		11		10			91		(1)			—			—		—		—		—			100
Total securities	$	132,051		$	1,152	$	146,555	$	141,535	(e)	97	%	$	(5,020)	(f)	32	%		99	%	1	%	—	%	—	%		—	%
(a) Amortized cost includes the impact of hedged item basis adjustments, which was a net decrease of $1,198 million, and is net of allowance for credit losses.
(b) Includes the impact of hedges.
(c) Represents ratings by S&P, or the equivalent.
(d) Includes supranational securities.
(e) The fair value of available-for-sale securities totaled $96,892 million at March 31, 2025, or 68% of the securities portfolio. The fair value of the held-to-maturity securities totaled $44,643 million at March 31, 2025, or 32% of the securities portfolio.
(f) At March 31, 2025, includes pre-tax net unrealized losses of $1,170 million related to available-for-sale securities, net of hedges, and $3,850 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities was $884 million and the after-tax equivalent related to held-to-maturity securities was $2,937 million.
Note: At March 31, 2025, the accretable discount relating to securities was $1,285 million. Including the discontinued hedges, net accretion was $82 million in 1Q25.


THE BANK OF NEW YORK MELLON CORPORATION
ALLOWANCE FOR CREDIT LOSSES AND NONPERFORMING ASSETS

	2025			2024
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	294		$	296		$	286		$	322		$	303
Allowance for lending-related commitments	72			75			73			81			87
Allowance for other financial instruments (a)	26			30			37			37			24
Allowance for credit losses – beginning of period	$	392		$	401		$	396		$	440		$	414

Net (charge-offs) recoveries:
Charge-offs	(10)			(30)			(18)			(44)			(1)
Recoveries	1			1			—			—			—
Total net (charge-offs)	(9)			(29)			(18)			(44)			(1)
Provision for credit losses (b)	18			20			23			—			27
Allowance for credit losses – end of period	$	401		$	392		$	401		$	396		$	440

Allowance for credit losses – end of period:
Allowance for loan losses	$	295		$	294		$	296		$	286		$	322
Allowance for lending-related commitments	75			72			75			73			81
Allowance for other financial instruments (a)	31			26			30			37			37
Allowance for credit losses – end of period	$	401		$	392		$	401		$	396		$	440

Allowance for loan losses as a percentage of total loans	0.41		%	0.41		%	0.43		%	0.40		%	0.44		%

Nonperforming assets	$	213		$	179		$	211		$	227		$	278
(a) Includes allowance for credit losses on federal funds sold and securities purchased under resale agreements, available-for-sale securities, held-to-maturity securities, accounts receivable, cash and due from banks and interest-bearing deposits with banks.
(b) Includes all instruments within the scope of ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY has included in this Financial Supplement certain Non-GAAP financial measures on a tangible basis as a supplement to GAAP information, which exclude goodwill and intangible assets, net of deferred tax liabilities. We believe that the return on tangible common equity – Non-GAAP is additional useful information for investors because it presents a measure of those assets that can generate income, and the tangible book value per common share – Non-GAAP is additional useful information because it presents the level of tangible assets in relation to shares of common stock outstanding.

Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP and net interest margin (FTE) – Non-GAAP and other FTE measures include the tax equivalent adjustments on tax-exempt income which allows for the comparison of amounts arising from both taxable and tax-exempt sources and is consistent with industry practice. The adjustment to an FTE basis has no impact on net income.

BNY has also included the adjusted pre-tax operating margin – Non-GAAP, which is the pre-tax operating margin for the Investment and Wealth Management business segment, net of distribution and servicing expense that was passed to third parties who distribute or service our managed funds. We believe that this measure is useful when evaluating the performance of the Investment and Wealth Management business segment relative to industry competitors.

The presentation of the growth rates of investment management and performance fees on a constant currency basis permits investors to assess the significance of changes in foreign currency exchange rates. Growth rates on a constant currency basis were determined by applying the current period foreign currency exchange rates to the prior period revenue. We believe that this presentation, as a supplement to GAAP information, gives investors a clearer picture of the related revenue results without the variability caused by fluctuations in foreign currency exchange rates.

Notes:


Quarterly returns on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q25			4Q24			3Q24			2Q24			1Q24
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,149		$	1,130		$	1,110		$	1,143		$	953
Add: Amortization of intangible assets	11			13			12			13			12
Less: Tax impact of amortization of intangible assets	3			3			3			3			3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,157		$	1,140		$	1,119		$	1,153		$	962

Average common shareholders’ equity	$	36,980		$	36,923		$	36,772		$	36,044		$	35,905
Less: Average goodwill	16,615			16,515			16,281			16,229			16,238
Average intangible assets	2,849			2,846			2,827			2,834			2,848
Add: Deferred tax liability – tax deductible goodwill	1,226			1,221			1,220			1,213			1,209
Deferred tax liability – intangible assets	666			665			656			655			655
Average tangible common shareholders’ equity – Non-GAAP	$	19,408		$	19,448		$	19,540		$	18,849		$	18,683

Return on common equity – GAAP	12.6		%	12.2		%	12.0		%	12.7		%	10.7		%
Return on tangible common equity – Non-GAAP	24.2		%	23.3		%	22.8		%	24.6		%	20.7		%


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Book value and tangible book value per common share reconciliation	2025			2024
(dollars in millions, except common shares and unless otherwise noted)	March 31			Dec. 31			Sept. 30			June 30			March 31
The Bank of New York Mellon Corporation shareholders’ equity at period end – GAAP	$	43,119		$	41,318		$	41,992		$	40,843		$	40,569
Less: Preferred stock	5,331			4,343			4,343			4,343			4,343
The Bank of New York Mellon Corporation common shareholders’ equity at period end – GAAP	37,788			36,975			37,649			36,500			36,226
Less: Goodwill	16,661			16,598			16,338			16,217			16,228
Intangible assets	2,846			2,851			2,824			2,826			2,839
Add: Deferred tax liability – tax deductible goodwill	1,226			1,221			1,220			1,213			1,209
Deferred tax liability – intangible assets	666			665			656			655			655
The Bank of New York Mellon Corporation tangible common shareholders’ equity at period end – Non-GAAP	$	20,173		$	19,412		$	20,363		$	19,325		$	19,023

Period-end common shares outstanding (in thousands)	715,434			717,680			727,078			737,957			747,816

Book value per common share – GAAP	$	52.82		$	51.52		$	51.78		$	49.46		$	48.44
Tangible book value per common share – Non-GAAP	$	28.20		$	27.05		$	28.01		$	26.19		$	25.44



Net interest margin reconciliation
(dollars in millions)	1Q25			4Q24			3Q24			2Q24			1Q24
Net interest income – GAAP	$	1,159		$	1,194		$	1,048		$	1,030		$	1,040
Add: Tax equivalent adjustment	—			1			—			1			—
Net interest income (FTE) – Non-GAAP	$	1,159		$	1,195		$	1,048		$	1,031		$	1,040

Average interest-earning assets	$	354,687		$	357,768		$	356,934		$	353,633		$	346,133

Net interest margin – GAAP (a)	1.30		%	1.32		%	1.16		%	1.15		%	1.19		%
Net interest margin (FTE) – Non-GAAP (a)	1.30		%	1.32		%	1.16		%	1.15		%	1.19		%
(a) Net interest margin is annualized.


THE BANK OF NEW YORK MELLON CORPORATION
EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
Pre-tax operating margin reconciliation - Investment and Wealth Management business segment
(dollars in millions)	1Q25			4Q24			3Q24			2Q24			1Q24
Income before income taxes – GAAP	$	63		$	173		$	176		$	149		$	107

Total revenue – GAAP	$	779		$	873		$	849		$	821		$	846
Less: Distribution and servicing expense	65			88			91			88			96
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	714		$	785		$	758		$	733		$	750

Pre-tax operating margin – GAAP (a)	8		%	20		%	21		%	18		%	13		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	9		%	22		%	23		%	20		%	14		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q25 vs.
(dollars in millions)	1Q25			1Q24			1Q24
Consolidated:
Investment management and performance fees – GAAP	$	739		$	776		(5)		%
Impact of changes in foreign currency exchange rates	—			(4)
Adjusted investment management and performance fees – Non-GAAP	$	739		$	772		(4)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	740		$	778		(5)		%
Impact of changes in foreign currency exchange rates	—			(4)
Adjusted investment management and performance fees – Non-GAAP	$	740		$	774		(4)		%