bk-20230418


News Release

BNY MELLON REPORTS FIRST QUARTER 2023 EARNINGS OF

$905 MILLION OR $1.12 PER COMMON SHARE

Revenue up 11% (a)

EPS up 30% (a)

ROE 10%

ROTCE 20%(b)

CET1 11.0%

Tier 1 leverage 5.8%

(a) Excluding notable items, primarily related to 1Q22, revenue increased 9% (b) and EPS increased 20% (b).

NEW YORK, April 18, 2023 – The Bank of New York Mellon Corporation (“BNY Mellon”) (NYSE: BK) today reported:


							1Q23 vs.
	1Q23		4Q22		1Q22		4Q22		1Q22
Net income applicable to common shareholders (in millions)	$	905	$	509	$	699	78	%	29	%

Diluted earnings per common share (c)	$	1.12	$	0.62	$	0.86	81	%	30	%

(c) Includes impact of notable items of $(0.01) per share in 1Q23, $(0.67) per share in 4Q22 and $(0.08) per share in 1Q22.


First Quarter Results

Total revenue of $4.4 billion, increased 11%

•Net interest revenue increased 62%

•Fee revenue was flat; or down 3% excluding notable items, primarily related to 1Q22 (b)

Total noninterest expense of $3.1 billion, increased 3%

AUC/A of $46.6 trillion, increased 2%

AUM of $1.9 trillion, decreased 16%, primarily market impact

Securities Services

•Total revenue increased 19%; or increased 14% excluding notable items (b)

•Income before taxes increased 100%; or increased 55% excluding notable items (b)

•Pre-tax operating margin of 26%

Market and Wealth Services

•Total revenue increased 22%

•Income before taxes increased 41%

•Pre-tax operating margin of 48%

Investment and Wealth Management

•Total revenue decreased 14%

•Income before taxes decreased 56%

•Pre-tax operating margin of 11%; Adjusted pre-tax operating margin of 13% (b)

Capital

•Returned $1.6 billion to common shareholders, including $1.3 billion of common share repurchases


CEO Commentary

Robin Vince, President and Chief Executive Officer, commented, “BNY Mellon delivered solid results in the first quarter. Revenue of $4.4 billion was up 11% year-over-year, we closely managed expenses, up 3% year-over-year, and we generated a healthy return on tangible common equity of 20%. Our Tier 1 leverage ratio as well as our liquidity coverage ratio remained strong and unchanged compared to the prior quarter at 5.8% and 118%, respectively.”

“The strength of BNY Mellon’s highly liquid, lower credit-risk and well-capitalized balance sheet in combination with the resilience of our platforms is the bedrock that supports our client franchise. Time and again, BNY Mellon has been a port in the storm for our clients in times of market turmoil, and the recent weeks have been no different as we help our clients with solutions to navigate this complicated backdrop,” Mr. Vince added.

“While we will remain vigilant given the heightened uncertainty in the current environment, we are pushing forward with our strategic agenda to reinvigorate underlying growth by doing more for our clients across our extensive suite of products and services, while driving greater efficiency,” Mr. Vince concluded.


Media Relations: Garrett Marquis (949) 683-1503			Investor Relations: Marius Merz (212) 298-1480

(b) For information on this Non-GAAP measure, see “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9.

Note: Above comparisons are 1Q23 vs. 1Q22, unless otherwise noted.


BNY Mellon 1Q23 Earnings Release

CONSOLIDATED FINANCIAL HIGHLIGHTS


(in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										1Q23 vs.
	1Q23			4Q22			1Q22			4Q22		1Q22
Fee revenue	$	3,156		$	3,222		$	3,158		(2)%		—%
Investment and other revenue	79			(360)			70			N/M		N/M
Total fee and other revenue	3,235			2,862			3,228			13		—
Net interest revenue	1,128			1,056			698			7		62
Total revenue	4,363			3,918			3,926			11		11
Provision for credit losses	27			20			2			N/M		N/M
Noninterest expense	3,100			3,213			3,006			(4)		3
Income before taxes	1,236			685			918			80		35
Provision for income taxes	260			142			153			83		70
Net income	$	976		$	543		$	765		80	%	28	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	905		$	509		$	699		78	%	29	%
Operating leverage (a)										1,487	bps	800	bps
Diluted earnings per common share (b)	$	1.12		$	0.62		$	0.86		81	%	30	%
Average common shares and equivalents outstanding - diluted (in thousands)	807,718			815,846			813,986
Pre-tax operating margin	28		%	17		%	23		%

(a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense.

(b) Includes impact of notable items of $(0.01) per share in 1Q23, $(0.67) per share in 4Q22 and $(0.08) per share in 1Q22.

bps – basis points.

KEY DRIVERS (comparisons are 1Q23 vs. 1Q22, unless otherwise stated)

Total revenue increased 11%, primarily reflecting:

•Fee revenue was flat, or decreased 3% excluding notable items (c), primarily related to 1Q22. Fee revenue also reflects the abatement of money market fee waivers, offset by lower market values, the unfavorable impact of a stronger U.S. dollar and the impact of the Alcentra divestiture.

•Net interest revenue increased 62%, primarily reflecting higher interest rates on interest-earning assets, partially offset by higher funding expense.

•Provision for credit losses was $27 million, reflecting changes in the macroeconomic forecast.

•Noninterest expense increased 3%, primarily reflecting higher investments and revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings, a stronger U.S. dollar and the impact of the Alcentra divestiture.

•Effective tax rate of 21.0%.

Assets under custody and/or administration (“AUC/A”) and Assets under management (“AUM”)

•AUC/A of $46.6 trillion, increased 2%, primarily reflecting client inflows and net new business, partially offset by lower market values and the unfavorable impact of a stronger U.S. dollar.

•AUM of $1.9 trillion, decreased 16%, primarily reflecting lower market values, the unfavorable impact of a stronger U.S. dollar and the divestiture of Alcentra, partially offset by net inflows.

Capital and liquidity

•$304 million of dividends to common shareholders (d).

•$1.3 billion of common share repurchases.

•Return on common equity (“ROE”) – 10%; Return on tangible common equity (“ROTCE”) – 20% (c).

•Common Equity Tier 1 (“CET1”) ratio – 11.0%.

•Tier 1 leverage ratio – 5.8%.

•Average liquidity coverage ratio (“LCR”) – 118%.

•Total Loss Absorbing Capacity (“TLAC”) ratios exceed minimum requirements.

(d) Including dividend-equivalents on share-based awards.

Note: Throughout this document, sequential growth rates are unannualized.


Page - 2


BNY Mellon 1Q23 Earnings Release

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q23 vs.
	1Q23			4Q22			1Q22			4Q22		1Q22
Investment services fees:
Asset Servicing	$	948		$	971		$	999		(2)	%	(5)	%
Issuer Services	236			271			141			(13)		67
Total investment services fees	1,184			1,242			1,140			(5)		4
Foreign exchange revenue	139			149			148			(7)		(6)
Other fees (a)	55			55			41			—		34
Total fee revenue	1,378			1,446			1,329			(5)		4
Investment and other revenue	72			70			74			N/M		N/M
Total fee and other revenue	1,450			1,516			1,403			(4)		3
Net interest revenue	666			656			377			2		77
Total revenue	2,116			2,172			1,780			(3)		19
Provision for credit losses	—			11			(10)			N/M		N/M
Noninterest expense	1,556			1,576			1,510			(1)		3
Income before taxes	$	560		$	585		$	280		(4)	%	100	%

Total revenue by line of business:
Asset Servicing	$	1,664		$	1,681		$	1,512		(1)	%	10	%
Issuer Services	452			491			268			(8)		69
Total revenue by line of business	$	2,116		$	2,172		$	1,780		(3)	%	19	%

Pre-tax operating margin	26		%	27		%	16		%

Securities lending revenue (b)	$	48		$	50		$	39		(4)	%	23	%

Metrics:
Average loans	$	10,939		$	11,850		$	10,150		(8)	%	8	%
Average deposits	$	167,209		$	176,541		$	192,156		(5)	%	(13)	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	32.6		$	31.4		$	33.7		4	%	(3)	%
Market value of securities on loan at period end (in billions) (d)	$	441		$	449		$	449		(2)	%	(2)	%

(a) Other fees primarily include financing-related fees.

(b) Included in investment services fees reported in the Asset Servicing line of business.

(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 Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5 trillion at March 31, 2023 and Dec. 31, 2022 and $1.7 trillion at March 31, 2022.

(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $69 billion at March 31, 2023, $68 billion at Dec. 31, 2022 and $78 billion at March 31, 2022.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Asset Servicing – The year-over-year increase primarily reflects higher net interest revenue and the abatement of money market fee waivers, partially offset by lower market values, the unfavorable impact of a stronger U.S. dollar and lower foreign exchange revenue. The sequential decrease primarily reflects lower foreign exchange revenue and client activity, partially offset by higher net interest revenue and market values.

•Issuer Services – The year-over-year increase primarily reflects the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia, higher net interest revenue and the abatement of money market fee waivers. The sequential decrease primarily reflects lower Depositary Receipts revenue.

•Noninterest expense increased year-over-year, primarily reflecting higher investments, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and a stronger U.S. dollar.


Page - 3


BNY Mellon 1Q23 Earnings Release

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q23 vs.
	1Q23			4Q22			1Q22			4Q22		1Q22
Investment services fees:
Pershing	$	499		$	502		$	433		(1)	%	15	%
Treasury Services	168			170			170			(1)		(1)
Clearance and Collateral Management	260			249			243			4		7
Total investment services fees	927			921			846			1		10
Foreign exchange revenue	18			20			26			(10)		(31)
Other fees (a)	54			47			34			15		59
Total fee revenue	999			988			906			1		10
Investment and other revenue	15			15			—			N/M		N/M
Total fee and other revenue	1,014			1,003			906			1		12
Net interest revenue	453			396			296			14		53
Total revenue	1,467			1,399			1,202			5		22
Provision for credit losses	—			6			(2)			N/M		N/M
Noninterest expense	769			785			708			(2)		9
Income before taxes	$	698		$	608		$	496		15	%	41	%

Total revenue by line of business:
Pershing	$	693		$	673		$	570		3	%	22	%
Treasury Services	412			382			338			8		22
Clearance and Collateral Management	362			344			294			5		23
Total revenue by line of business	$	1,467		$	1,399		$	1,202		5	%	22	%

Pre-tax operating margin	48		%	43		%	41		%

Metrics:
Average loans	$	36,854		$	39,843		$	42,113		(8)	%	(12)	%
Average deposits	$	86,040		$	86,083		$	95,704		—	%	(10)	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	13.7		$	12.7		$	11.6		8	%	18	%

(a) Other fees primarily include financing-related fees.

(b) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Pershing – The year-over-year increase primarily reflects the abatement of money market fee waivers and higher net interest revenue, partially offset by lower client activity. The sequential increase primarily reflects higher net interest revenue.

•Treasury Services – The year-over-year increase primarily reflects higher net interest revenue and the abatement of money market fee waivers. The sequential increase primarily reflects higher net interest revenue.

•Clearance and Collateral Management – The year-over-year and sequential increases primarily reflect higher net interest revenue and U.S. government clearance volumes.

•Noninterest expense increased year-over-year, primarily reflecting higher investments and higher revenue-related expense, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and a stronger U.S. dollar.


Page - 4


BNY Mellon 1Q23 Earnings Release

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q23 vs.
	1Q23			4Q22			1Q22			4Q22		1Q22
Investment management fees	$	752		$	754		$	848		—	%	(11)	%
Performance fees	22			26			34			N/M		(35)
Investment management and performance fees	774			780			882			(1)		(12)
Distribution and servicing fees	55			54			32			2		72
Other fees (a)	(53)			(58)			1			N/M		N/M
Total fee revenue	776			776			915			—		(15)
Investment and other revenue (b)	6			(3)			(8)			N/M		N/M
Total fee and other revenue (b)	782			773			907			1		(14)
Net interest revenue	45			52			57			(13)		(21)
Total revenue	827			825			964			—		(14)
Provision for credit losses	—			1			(3)			N/M		N/M
Noninterest expense	734			699			755			5		(3)
Income before taxes	$	93		$	125		$	212		(26)	%	(56)	%

Total revenue by line of business:
Investment Management	$	557		$	550		$	658		1	%	(15)	%
Wealth Management	270			275			306			(2)		(12)
Total revenue by line of business	$	827		$	825		$	964		—	%	(14)	%

Pre-tax operating margin	11		%	15		%	22		%
Adjusted pre-tax operating margin – Non-GAAP (c)	13		%	17		%	24		%

Metrics:
Average loans	$	13,960		$	14,404		$	13,228		(3)	%	6	%
Average deposits	$	16,144		$	16,416		$	22,501		(2)	%	(28)	%

AUM (in billions) (current period is preliminary) (d)	$	1,908		$	1,836		$	2,266		4	%	(16)	%
Wealth Management client assets (in billions) (current period is preliminary) (e)	$	279		$	269		$	305		4	%	(9)	%

(a) Other fees primarily include investment services fees.

(b) 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.

(c) Net of distribution and servicing expense. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

(d) Excludes assets managed outside of the Investment and Wealth Management business segment.

(e) Includes AUM and AUC/A in the Wealth Management line of business.

KEY DRIVERS

•The drivers of the total revenue variances by line of business are indicated below.

•Investment Management – The year-over-year decrease primarily reflects the impact of the Alcentra divestiture, the mix of cumulative net inflows, lower market values and the unfavorable impact of a stronger U.S. dollar, partially offset by the abatement of money market fee waivers. The sequential increase primarily reflects higher market values.

•Wealth Management – The year-over-year decrease primarily reflects lower market values and changes in product mix.

•Noninterest expense decreased year-over-year, primarily reflecting the impact of the Alcentra divestiture and the favorable impact of a stronger U.S. dollar, partially offset by higher revenue-related expenses.


Page - 5


BNY Mellon 1Q23 Earnings Release

OTHER SEGMENT primarily includes the leasing portfolio, corporate treasury activities, including our securities portfolio, derivatives and other trading activity, renewable energy and other corporate investments, certain business exits and other corporate revenue and expense items.



(in millions)	1Q23		4Q22		1Q22
Fee revenue	$	3	$	12	$	8
Investment and other revenue	(14)		(442)		12
Total fee and other revenue	(11)		(430)		20
Net interest (expense)	(36)		(48)		(32)
Total revenue	(47)		(478)		(12)
Provision for credit losses	27		2		17
Noninterest expense	41		153		33
(Loss) before taxes	$	(115)	$	(633)	$	(62)

KEY DRIVERS

•Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense. The sequential increase in total revenue primarily reflects the $449 million net loss from repositioning the securities portfolio in 4Q22.

•Provision for credit losses was $27 million, reflecting changes in the macroeconomic forecast.

•Noninterest expense decreased sequentially, primarily driven by lower severance expense.


Page - 6


BNY Mellon 1Q23 Earnings Release

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	March 31, 2023			Dec. 31, 2022
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.0		%	11.2		%
Tier 1 capital ratio	13.9			14.1
Total capital ratio	14.7			14.9
Tier 1 leverage ratio	5.8			5.8
Supplementary leverage ratio	6.9			6.8
BNY Mellon shareholders’ equity to total assets ratio	9.6		%	10.0		%
BNY Mellon common shareholders’ equity to total assets ratio	8.4		%	8.8		%

Average LCR	118		%	118		%

Book value per common share	$	45.36		$	44.40
Tangible book value per common share – Non-GAAP (b)	$	23.52		$	23.11




Common shares outstanding (in thousands)	789,134			808,445

(a) Regulatory capital ratios for March 31, 2023 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, 2023 and Dec. 31, 2022 was the Advanced Approaches.

(b) Tangible book value per common share – Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

•CET1 capital totaled $17.9 billion and Tier 1 capital totaled $22.7 billion at March 31, 2023, both decreasing slightly compared with Dec. 31, 2022. The decreases primarily reflect common stock repurchase activity, partially offset by capital generated through earnings and a net increase in accumulated other comprehensive income. The Tier 1 leverage ratio was flat compared with Dec. 31, 2022, as a slight decrease in capital was offset by a decrease in average assets.

NET INTEREST REVENUE


Net interest revenue										1Q23 vs.
(dollars in millions; not meaningful - N/M)	1Q23			4Q22			1Q22			4Q22		1Q22
Net interest revenue	$	1,128		$	1,056		$	698		7%		62%
Add: Tax equivalent adjustment	—			2			3			N/M		N/M
Net interest revenue, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,128		$	1,058		$	701		7%		61%

Net interest margin	1.29		%	1.19		%	0.75		%	10	bps	54	bps
Net interest margin (FTE) – Non-GAAP (a)	1.29		%	1.19		%	0.76		%	10	bps	53	bps

(a) Net interest revenue (FTE) – Non-GAAP and net interest margin (FTE) – Non-GAAP include the tax equivalent adjustments on tax-exempt income. See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for information on this Non-GAAP measure.

bps – basis points.

•Net interest revenue increased year-over-year and sequentially, primarily reflecting higher interest rates on interest-earning assets, partially offset by higher funding expense.


Page - 7


BNY Mellon 1Q23 Earnings Release

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(in millions)	Quarter ended
	March 31, 2023		Dec. 31, 2022		March 31, 2022

Fee and other revenue
Investment services fees	$	2,119	$	2,173	$	1,993
Investment management and performance fees	776		783		883
Foreign exchange revenue	176		190		207
Financing-related fees	52		43		45
Distribution and servicing fees	33		33		30
Total fee revenue	3,156		3,222		3,158
Investment and other revenue	79		(360)		70
Total fee and other revenue	3,235		2,862		3,228
Net interest revenue
Interest revenue	3,942		3,197		778
Interest expense	2,814		2,141		80
Net interest revenue	1,128		1,056		698
Total revenue	4,363		3,918		3,926
Provision for credit losses	27		20		2
Noninterest expense
Staff	1,791		1,802		1,702
Software and equipment	429		432		399
Professional, legal and other purchased services	375		415		370
Net occupancy	119		143		122
Sub-custodian and clearing	118		112		118
Distribution and servicing	85		86		79
Bank assessment charges	40		19		35
Business development	39		45		30

Amortization of intangible assets	14		16		17
Other	90		143		134
Total noninterest expense	3,100		3,213		3,006
Income
Income before taxes	1,236		685		918
Provision for income taxes	260		142		153
Net income	976		543		765
Net loss attributable to noncontrolling interests related to consolidated investment management funds	—		—		8
Net income applicable to shareholders of The Bank of New York Mellon Corporation	976		543		773
Preferred stock dividends	(71)		(34)		(74)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	905	$	509	$	699


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2023		Dec. 31, 2022		March 31, 2022
(in dollars)
Basic	$	1.13	$	0.63	$	0.86
Diluted	$	1.12	$	0.62	$	0.86


Page - 8


BNY Mellon 1Q23 Earnings Release

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

BNY Mellon has included in this Earnings Release 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 revenue, 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 Mellon 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.

For the reconciliations of these Non-GAAP measures, see “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bnymellon.com.

BNY Mellon has presented total revenue and fee revenue measures excluding the accelerated amortization of deferred costs for depositary receipts services related to Russia. Income before taxes and diluted earnings per common share measures excluding the revenue item above as well as a disposal loss, and litigation reserves are also provided. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. These measures are provided to permit investors to view the financial measures on a basis consistent with how management views the businesses.


Reconciliation of Non-GAAP measures, excluding notable items					1Q23 vs.
(dollars in millions)	1Q23		1Q22		1Q22
Total revenue – GAAP	$	4,363	$	3,926	11	%
Impact of notable items (a)	(1)		(88)
Adjusted total revenue – Non-GAAP	$	4,364	$	4,014	9	%

Diluted earnings per common share	$	1.12	$	0.86	30	%
Impact of notable items (a)	(0.01)		(0.08)
Adjusted diluted earnings per commons share – Non-GAAP	$	1.13	$	0.94	20	%

Fee revenue – GAAP	$	3,156	$	3,158	—	%
Impact of notable items (a)	—		(88)
Adjusted fee revenue – Non-GAAP	$	3,156	$	3,246	(3)	%

(a) Notable items in 1Q23 reflect litigation reserves and a disposal loss (reflected in investment and other revenue). Notable item in 1Q22 reflects the accelerated amortization of deferred costs for depositary receipts services related to Russia.


Page - 9


BNY Mellon 1Q23 Earnings Release


Reconciliation of Non-GAAP measures, excluding notable items - Securities Services					1Q23 vs.
(dollars in millions)	1Q23		1Q22		1Q22
Total revenue – GAAP	$	2,116	$	1,780	19	%
Impact of notable items (a)	—		(82)
Adjusted total revenue – Non-GAAP	$	2,116	$	1,862	14	%

Income before taxes – GAAP	$	560	$	280	100	%
Impact of notable items (a)	(2)		(82)
Adjusted income before taxes – Non-GAAP	$	562	$	362	55	%

(a) Notable item in 1Q23 reflects litigation reserves. Notable item in 1Q22 reflects the accelerated amortization of deferred costs for depositary receipts services related to Russia.

CAUTIONARY STATEMENT

A number of statements (i) in this Earnings Release, (ii) in our Financial Supplement, (iii) in our presentations and (iv) in the responses to questions on our conference call discussing our quarterly results and other public events may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our capital plans, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, resiliency, capabilities, revenue, net interest revenue, fees, expenses, cost discipline, sustainable growth, currency fluctuations, innovation in products and services, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding our aspirations, as well as our overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These statements may be expressed in a variety of ways, including the use of future or present tense language. Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements and other forward-looking statements contained in other public disclosures of BNY Mellon which make reference to the cautionary factors described in this Earnings Release are based upon current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond BNY Mellon’s control). Actual results may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, the risk factors and other uncertainties set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2022 and BNY Mellon’s other filings with the Securities and Exchange Commission. Statements about the effects of the current and near-term market and macroeconomic outlook on BNY Mellon, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon’s control), including geopolitical risks (including those related to Russia’s invasion of Ukraine). Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as BNY Mellon completes its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. All forward-looking statements in this Earnings Release speak only as of April 18, 2023, and BNY Mellon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.


Page - 10


BNY Mellon 1Q23 Earnings Release

ABOUT BNY MELLON

Established in 1784, BNY Mellon is America’s oldest bank and the first company listed on the New York Stock Exchange (NYSE: BK). Today, BNY Mellon powers capital markets around the world through comprehensive solutions that help clients manage and service their financial assets throughout the investment life cycle. BNY Mellon had $46.6 trillion in assets under custody and/or administration and $1.9 trillion in assets under management as of March 31, 2023. BNY Mellon has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 10:30 a.m. ET on April 18, 2023. This conference call and audio webcast will include forward-looking statements and may include other material information.

Investors and analysts wishing to access the conference call and audio webcast may do so by dialing (800) 390-5696 (U.S.) or (720) 452-9082 (International), and using the passcode: 200200, or by logging onto www.bnymellon.com/investorrelations. Earnings materials will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. ET on April 18, 2023. An archived version of the first quarter conference call and audio webcast will be available beginning on April 18, 2023 at approximately 2:00 p.m. ET through May 18, 2023 at www.bnymellon.com/investorrelations.


Page - 11


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2023


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)																1Q23 vs.
	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Selected income statement data


Fee and other revenue	$	3,235		$	2,862		$	3,353		$	3,430		$	3,228		13	%	—	%
Net interest revenue	1,128			1,056			926			824			698			7		62
Total revenue	4,363			3,918			4,279			4,254			3,926			11		11
Provision for credit losses	27			20			(30)			47			2			N/M		N/M
Noninterest expense	3,100			3,213			3,679			3,112			3,006			(4)		3
Income before income taxes	1,236			685			630			1,095			918			80		35
Provision for income taxes	260			142			242			231			153			83		70
Net income	$	976		$	543		$	388		$	864		$	765		80	%	28	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	905		$	509		$	319		$	835		$	699		78	%	29	%
Diluted earnings per common share	$	1.12		$	0.62		$	0.39		$	1.03		$	0.86		81	%	30	%
Average common shares and equivalents outstanding – diluted (in thousands)	807,718			815,846			814,516			813,590			813,986			(1)	%	(1)	%

Financial ratios (Returns are annualized)
Pre-tax operating margin	28		%	17		%	15		%	26		%	23		%
Return on common equity	10.3		%	5.7		%	3.5		%	9.3		%	7.6		%
Return on tangible common equity – Non-GAAP (a)	20.2		%	11.5		%	7.5		%	19.2		%	15.4		%
Non-U.S. revenue as a percentage of total revenue	35		%	39		%	35		%	36		%	35		%

Period end
Assets under custody and/or administration (“AUC/A”) (in trillions) (b)	$	46.6		$	44.3		$	42.2		$	43.0		$	45.5		5	%	2	%
Assets under management (“AUM”) (in trillions)	$	1.91		$	1.84		$	1.78		$	1.94		$	2.27		4	%	(16)	%
Full-time employees	51,600			51,700			51,100			50,800			49,600			—	%	4	%
Book value per common share	$	45.36		$	44.40		$	43.18		$	44.73		$	45.76
Tangible book value per common share – Non-GAAP (a)	$	23.52		$	23.11		$	21.55		$	22.02		$	22.76
Cash dividends per common share	$	0.37		$	0.37		$	0.37		$	0.34		$	0.34
Common dividend payout ratio	34		%	60		%	95		%	33		%	40		%
Closing stock price per common share	$	45.44		$	45.52		$	38.52		$	41.71		$	49.63
Market capitalization	$	35,858		$	36,800		$	31,135		$	33,706		$	40,091
Common shares outstanding (in thousands)	789,134			808,445			808,280			808,103			807,798

Capital ratios at period end (c)
Common Equity Tier 1 ("CET1") ratio	11.0		%	11.2		%	10.0		%	10.0		%	10.1		%
Tier 1 capital ratio	13.9		%	14.1		%	12.8		%	12.8		%	12.9		%
Total capital ratio	14.7		%	14.9		%	13.7		%	13.6		%	13.7		%
Tier 1 leverage ratio	5.8		%	5.8		%	5.4		%	5.2		%	5.3		%
Supplementary leverage ratio ("SLR")	6.9		%	6.8		%	6.3		%	6.2		%	6.2		%
(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 Global Securities Services Company ("CIBC Mellon"), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5 trillion at March 31, 2023 and Dec. 31, 2022, $1.4 trillion at Sep. 30, 2022, $1.5 trillion at June 30, 2022 and $1.7 trillion at March 31, 2022.
(c) Regulatory capital ratios for March 31, 2023 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, 2023 and Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2022 was the Advanced Approaches, and for March 31, 2022 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)											1Q23 vs.
	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
Revenue
Investment services fees	$	2,119	$	2,173	$	2,157	$	2,206	$	1,993	(2)	%	6	%
Investment management and performance fees	776		783		800		833		883		(1)		(12)
Foreign exchange revenue	176		190		203		222		207		(7)		(15)
Financing-related fees	52		43		43		44		45		21		16
Distribution and servicing fees	33		33		33		34		30		—		10
Total fee revenue	3,156		3,222		3,236		3,339		3,158		(2)		—
Investment and other revenue	79		(360)		117		91		70		N/M		N/M
Total fee and other revenue	3,235		2,862		3,353		3,430		3,228		13		—
Net interest revenue	1,128		1,056		926		824		698		7		62
Total revenue	4,363		3,918		4,279		4,254		3,926		11		11
Provision for credit losses	27		20		(30)		47		2		N/M		N/M
Noninterest expense
Staff	1,791		1,802		1,673		1,623		1,702		(1)		5
Software and equipment	429		432		421		405		399		(1)		8
Professional, legal and other purchased services	375		415		363		379		370		(10)		1
Net occupancy	119		143		124		125		122		(17)		(2)
Sub-custodian and clearing	118		112		124		131		118		5		—
Distribution and servicing	85		86		88		90		79		(1)		8
Bank assessment charges	40		19		35		37		35		111		14
Business development	39		45		34		43		30		(13)		30
Goodwill impairment	—		—		680		—		—		N/M		N/M
Amortization of intangible assets	14		16		17		17		17		(13)		(18)
Other	90		143		120		262		134		(37)		(33)
Total noninterest expense	3,100		3,213		3,679		3,112		3,006		(4)		3
Income before income taxes	1,236		685		630		1,095		918		80		35
Provision for income taxes	260		142		242		231		153		83		70
Net income	976		543		388		864		765		80		28
Net loss attributable to noncontrolling interests	—		—		—		5		8		N/M		N/M
Preferred stock dividends	(71)		(34)		(69)		(34)		(74)		N/M		N/M
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	905	$	509	$	319	$	835	$	699	78	%	29	%

Average common shares and equivalents outstanding: Basic	803,340		811,669		811,304		810,903		809,469		(1)	%	(1)	%
Diluted	807,718		815,846		814,516		813,590		813,986		(1)	%	(1)	%

Earnings per common share: Basic	$	1.13	$	0.63	$	0.39	$	1.03	$	0.86	79	%	31	%
Diluted	$	1.12	$	0.62	$	0.39	$	1.03	$	0.86	81	%	30	%
N/M – Not meaningful.


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

	2023		2022
(in millions)	March 31		Dec. 31		Sept. 30		June 30		March 31
Assets
Cash and due from banks	$	5,564	$	5,030	$	4,707	$	5,185	$	6,143
Interest-bearing deposits with the Federal Reserve and other central banks	117,042		91,655		107,427		125,372		135,691
Interest-bearing deposits with banks	15,114		17,169		13,890		16,639		18,268
Federal funds sold and securities purchased under resale agreements	26,894		24,298		23,483		22,940		27,131
Securities	138,678		142,816		144,181		150,844		153,396
Trading assets	9,024		9,908		12,650		10,759		14,703
Loans	62,323		66,063		69,829		69,347		68,052
Allowance for loan losses	(170)		(176)		(164)		(181)		(171)
Net loans	62,153		65,887		69,665		69,166		67,881
Premises and equipment	3,248		3,256		3,311		3,354		3,359
Accrued interest receivable	978		858		723		548		467
Goodwill	16,192		16,150		16,412		17,271		17,462
Intangible assets	2,890		2,901		2,902		2,934		2,968
Other assets	27,335		25,855		28,602		27,609		26,342
Total assets	$	425,112	$	405,783	$	427,953	$	452,621	$	473,811
Liabilities
Deposits	$	281,294	$	278,970	$	301,989	$	325,813	$	345,565
Federal funds purchased and securities sold under repurchase agreements	26,540		12,335		11,339		11,434		13,181
Trading liabilities	5,705		5,385		7,494		5,595		5,587
Payables to customers and broker-dealers	22,598		23,435		23,741		25,769		26,608

Other borrowed funds	2,538		397		357		520		312
Accrued taxes and other expenses	4,732		5,410		5,316		5,011		4,534
Other liabilities	10,414		8,543		10,001		9,724		10,626
Long-term debt	30,489		30,458		27,820		27,610		25,246
Total liabilities	384,310		364,933		388,057		411,476		431,659
Temporary equity
Redeemable noncontrolling interests	96		109		152		154		155
Permanent equity
Preferred stock	4,838		4,838		4,838		4,838		4,838
Common stock	14		14		14		14		14
Additional paid-in capital	28,650		28,508		28,374		28,316		28,258
Retained earnings	38,465		37,864		37,660		37,644		37,088
Accumulated other comprehensive loss, net of tax	(5,543)		(5,966)		(6,627)		(5,307)		(3,881)
Less: Treasury stock, at cost	(25,790)		(24,524)		(24,522)		(24,521)		(24,518)
Total The Bank of New York Mellon Corporation shareholders’ equity	40,634		40,734		39,737		40,984		41,799
Nonredeemable noncontrolling interests of consolidated investment management funds	72		7		7		7		198
Total permanent equity	40,706		40,741		39,744		40,991		41,997
Total liabilities, temporary equity and permanent equity	$	425,112	$	405,783	$	427,953	$	452,621	$	473,811


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

											1Q23 vs.
(dollars in millions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
Investment services fees	$	2,119	$	2,173	$	2,157	$	2,206	$	1,993	(2)	%	6	%
Investment management and performance fees:
Investment management fees (a)	754		757		790		828		849		—		(11)
Performance fees	22		26		10		5		34		N/M		(35)
Total investment management and performance fees (b)	776		783		800		833		883		(1)		(12)
Foreign exchange revenue	176		190		203		222		207		(7)		(15)
Financing-related fees	52		43		43		44		45		21		16
Distribution and servicing fees	33		33		33		34		30		—		10
Total fee revenue	3,156		3,222		3,236		3,339		3,158		(2)		—
Investment and other revenue:
Income (loss) from consolidated investment management funds	5		9		(7)		(24)		(20)		N/M		N/M
Seed capital gains (losses) (c)	8		6		(11)		(24)		(8)		N/M		N/M
Other trading revenue	45		34		65		45		5		N/M		N/M
Renewable energy investment (losses)	(32)		(32)		(44)		(44)		(44)		N/M		N/M
Corporate/bank-owned life insurance	27		35		32		28		33		N/M		N/M
Other investments (losses) gains (d)	(9)		7		13		78		61		N/M		N/M
Disposal (losses) gains	(1)		(11)		37		—		—		N/M		N/M
Expense reimbursements from joint venture	29		28		27		26		27		N/M		N/M
Other income	8		12		4		6		12		N/M		N/M
Net securities (losses) gains	(1)		(448)		1		—		4		N/M		N/M
Total investment and other revenue	79		(360)		117		91		70		N/M		N/M
Total fee and other revenue	$	3,235	$	2,862	$	3,353	$	3,430	$	3,228	13	%	—	%
(a) Excludes seed capital gains (losses) related to consolidated investment management funds.
(b) On a constant currency basis (Non-GAAP), investment management and performance fees decreased 9% compared with 1Q22. 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 Mellon 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
	1Q23				4Q22				3Q22				2Q22				1Q22
	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	$	94,899	3.59	%	$	94,868	2.60	%	$	91,836	1.23	%	$	102,844	0.38	%	$	100,303	0.01	%
Interest-bearing deposits with banks	16,225		3.51		15,750		2.70		16,298		1.62		18,097		0.74		17,181		0.33
Federal funds sold and securities purchased under resale agreements (a)	24,631		16.32		25,657		11.22		22,971		5.55		24,212		1.91		27,006		0.56
Loans	63,261		5.54		67,364		4.65		68,082		3.39		69,036		2.15		66,810		1.57
Securities:
U.S. government obligations	38,852		2.89		39,382		2.46		40,829		1.75		41,267		1.07		40,868		0.74
U.S. government agency obligations	62,280		2.60		61,426		2.30		62,819		1.91		64,939		1.59		67,055		1.46
State and political subdivisions (b)	23		7.07		1,178		2.77		1,982		2.39		2,065		2.13		2,337		2.16
Other securities (b)	42,429		3.21		41,732		2.66		42,642		1.90		43,635		1.31		45,541		1.02
Total investment securities (b)	143,584		2.86		143,718		2.45		148,272		1.87		151,906		1.37		155,801		1.15
Trading securities (b)	5,778		4.97		5,630		4.51		4,603		3.06		4,687		1.91		6,085		1.43
Total securities (b)	149,362		2.94		149,348		2.53		152,875		1.91		156,593		1.39		161,886		1.16
Total interest-earning assets (b)	$	348,378	4.56	%	$	352,987	3.59	%	$	352,062	2.24	%	$	370,782	1.25	%	$	373,186	0.84	%
Noninterest-earning assets	59,123				61,532				63,608				66,841				67,016
Total assets	$	407,501			$	414,519			$	415,670			$	437,623			$	440,202

Liabilities and equity
Interest-bearing liabilities:
Interest-bearing deposits	$	204,114	2.71	%	$	207,875	2.00	%	$	203,659	0.95	%	$	219,124	0.16	%	$	223,243	(0.07)	%
Federal funds purchased and securities sold under repurchase agreements (a)	18,316		19.75		13,985		16.88		12,297		8.05		12,610		2.47		12,864		0.36
Trading liabilities	3,025		4.05		3,572		3.45		3,550		2.52		3,231		1.25		3,372		0.53
Other borrowed funds	711		1.75		619		1.69		504		1.15		437		2.14		458		2.36
Commercial paper	—		—		6		3.87		5		2.34		5		1.61		4		0.09
Payables to customers and broker-dealers	16,954		3.08		17,147		2.27		18,030		1.07		16,592		0.21		16,661		0.01
Long-term debt	30,246		5.22		29,508		4.90		28,449		3.43		26,195		2.22		25,588		1.53
Total interest-bearing liabilities	$	273,366	4.17	%	$	272,712	3.11	%	$	266,494	1.57	%	$	278,194	0.48	%	$	282,190	0.11	%
Total noninterest-bearing deposits	69,886				75,862				84,804				91,893				90,179
Other noninterest-bearing liabilities	23,789				25,810				23,547				26,354				25,419
Total The Bank of New York Mellon Corporation shareholders’ equity	40,442				40,097				40,780				41,037				42,201
Noncontrolling interests	18				38				45				145				213
Total liabilities and equity	$	407,501			$	414,519			$	415,670			$	437,623			$	440,202
Net interest margin			1.29	%			1.19	%			1.05	%			0.89	%			0.75	%
Net interest margin (FTE) – Non-GAAP (c)			1.29	%			1.19	%			1.05	%			0.89	%			0.76	%
(a) Includes the average impact of offsetting under enforceable netting agreements of approximately $62 billion for 1Q23, $51 billion for 4Q22, $35 billion for 3Q22, $33 billion for 2Q22 and $53 billion for 1Q22. 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 4.62% for 1Q23, 3.76% for 4Q22, 2.21% for 3Q22, 0.80% for 2Q22 and 0.19% for 1Q22. 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 4.49% for 1Q23, 3.63% for 4Q22, 2.11% for 3Q22, 0.68% for 2Q22 and 0.07% for 1Q22. 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

	2023			2022
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Consolidated regulatory capital ratios (a)
Standardized Approach:
CET1 capital	$	17,876		$	18,032		$	16,726		$	17,067		$	17,579
Tier 1 capital	22,710			22,856			21,495			21,824			22,335
Total capital	24,277			24,384			23,008			23,366			23,835
Risk-weighted assets	157,470			159,096			167,457			169,710			173,629

CET1 ratio	11.4		%	11.3		%	10.0		%	10.1		%	10.1		%
Tier 1 capital ratio	14.4			14.4			12.8			12.9			12.9
Total capital ratio	15.4			15.3			13.7			13.8			13.7

Advanced Approaches:
CET1 capital	$	17,876		$	18,032		$	16,726		$	17,067		$	17,579
Tier 1 capital	22,710			22,856			21,495			21,824			22,335
Total capital	23,996			24,143			22,762			23,112			23,582
Risk-weighted assets	162,992			161,672			165,893			169,919			169,091

CET1 ratio	11.0		%	11.2		%	10.1		%	10.0		%	10.4		%
Tier 1 capital ratio	13.9			14.1			13.0			12.8			13.2
Total capital ratio	14.7			14.9			13.7			13.6			13.9

Tier 1 leverage ratio:
Average assets for Tier 1 leverage ratio	$	389,581		$	396,643		$	397,428		$	418,467		$	420,778
Tier 1 leverage ratio	5.8		%	5.8		%	5.4		%	5.2		%	5.3		%

SLR:
Leverage exposure	$	330,636		$	336,049		$	340,055		$	351,552		$	361,464
SLR	6.9		%	6.8		%	6.3		%	6.2		%	6.2		%

Average liquidity coverage ratio	118		%	118		%	116		%	111		%	109		%
(a) Regulatory capital ratios for March 31, 2023 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, 2023 and Dec. 31, 2022 was the Advanced Approaches, for Sept. 30, 2022 was the Standardized Approach for the CET1 and Tier 1 capital ratios and the Advanced Approaches for the Total capital ratio, for June 30, 2022 was the Advanced Approaches, and for March 31, 2022 was the Standardized Approach.


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

																1Q23 vs.
(dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Revenue:
Investment services fees:
Asset Servicing	$	948		$	971		$	953		$	995		$	999		(2)	%	(5)	%
Issuer Services	236			271			288			309			141			(13)		67
Total investment services fees	1,184			1,242			1,241			1,304			1,140			(5)		4
Foreign exchange revenue	139			149			132			155			148			(7)		(6)
Other fees (a)	55			55			52			54			41			—		34
Total fee revenue	1,378			1,446			1,425			1,513			1,329			(5)		4
Investment and other revenue	72			70			111			36			74			N/M		N/M
Total fee and other revenue	1,450			1,516			1,536			1,549			1,403			(4)		3
Net interest revenue	666			656			538			457			377			2		77
Total revenue	2,116			2,172			2,074			2,006			1,780			(3)		19
Provision for credit losses	—			11			(6)			13			(10)			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	1,548			1,568			1,549			1,647			1,502			(1)		3
Amortization of intangible assets	8			8			8			9			8			—		—
Total noninterest expense	1,556			1,576			1,557			1,656			1,510			(1)		3
Income before income taxes	$	560		$	585		$	523		$	337		$	280		(4)	%	100	%


Total revenue by line of business:
Asset Servicing	$	1,664		$	1,681		$	1,596		$	1,534		$	1,512		(1)	%	10	%
Issuer Services	452			491			478			472			268			(8)		69
Total revenue by line of business	$	2,116		$	2,172		$	2,074		$	2,006		$	1,780		(3)	%	19	%

Financial ratios:
Pre-tax operating margin	26		%	27		%	25		%	17		%	16		%

Memo: Securities lending revenue (b)	$	48		$	50		$	48		$	45		$	39		(4)	%	23	%
(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

											1Q23 vs.
(dollars in millions, unless otherwise noted)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
Selected balance sheet data:
Average loans	$	10,939	$	11,850	$	11,573	$	11,386	$	10,150	(8)	%	8	%
Average assets (a)	$	196,560	$	206,810	$	203,063	$	219,797	$	220,889	(5)	%	(11)	%
Average deposits	$	167,209	$	176,541	$	176,328	$	191,191	$	192,156	(5)	%	(13)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	32.6	$	31.4	$	30.0	$	31.0	$	33.7	4	%	(3)	%
Market value of securities on loan at period end (in billions) (d)	$	441	$	449	$	435	$	441	$	449	(2)	%	(2)	%
(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, 2023 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 $1.5 trillion at March 31, 2023 and Dec. 31, 2022, $1.4 trillion at Sept. 30, 2022, $1.5 trillion at June 30, 2022 and $1.7 trillion at March 31, 2022.
(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $69 billion at March 31, 2023, $68 billion at Dec. 31, 2022, $75 billion at Sept. 30, 2022, $70 billion at June 30, 2022 and $78 billion at March 31, 2022.


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

																1Q23 vs.
(dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Revenue:
Investment services fees:
Pershing	$	499		$	502		$	494		$	479		$	433		(1)	%	15	%
Treasury Services	168			170			173			176			170			(1)		(1)
Clearance and Collateral Management	260			249			239			240			243			4		7
Total investment services fees	927			921			906			895			846			1		10
Foreign exchange revenue	18			20			20			22			26			(10)		(31)
Other fees (a)	54			47			49			46			34			15		59
Total fee revenue	999			988			975			963			906			1		10
Investment and other revenue	15			15			14			11			—			N/M		N/M
Total fee and other revenue	1,014			1,003			989			974			906			1		12
Net interest revenue	453			396			378			340			296			14		53
Total revenue	1,467			1,399			1,367			1,314			1,202			5		22
Provision for credit losses	—			6			(1)			4			(2)			N/M		N/M
Noninterest expense (ex. amortization of intangible assets)	768			783			735			700			706			(2)		9
Amortization of intangible assets	1			2			2			2			2			(50)		(50)
Total noninterest expense	769			785			737			702			708			(2)		9
Income before income taxes	$	698		$	608		$	631		$	608		$	496		15	%	41	%


Total revenue by line of business:
Pershing	$	693		$	673		$	658		$	636		$	570		3	%	22	%
Treasury Services	412			382			390			373			338			8		22
Clearance and Collateral Management	362			344			319			305			294			5		23
Total revenue by line of business	$	1,467		$	1,399		$	1,367		$	1,314		$	1,202		5	%	22	%


Financial ratios:
Pre-tax operating margin	48		%	43		%	46		%	46		%	41		%
(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

											1Q23 vs.
(dollars in millions, unless otherwise noted)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
Selected balance sheet data:
Average loans	$	36,854	$	39,843	$	40,882	$	42,391	$	42,113	(8)	%	(12)	%
Average assets (a)	$	132,143	$	132,306	$	138,204	$	141,952	$	141,183	—	%	(6)	%
Average deposits	$	86,040	$	86,083	$	90,612	$	94,716	$	95,704	—	%	(10)	%

Selected metrics:
AUC/A at period end (in trillions) (b)(c)	$	13.7	$	12.7	$	12.0	$	11.8	$	11.6	8	%	18	%

Pershing
AUC/A at period end (in trillions) (b)	$	2.4	$	2.3	$	2.1	$	2.2	$	2.5	4	%	(4)	%
Net new assets (U.S. platform) (in billions) (d)	$	37	$	42	$	45	$	16	$	18	N/M		N/M
Average active clearing accounts (in thousands)	7,849		7,603		7,466		7,432		7,432		3	%	6	%

Treasury Services
Average daily U.S. dollar payment volumes	236,322		246,189		234,468		237,763		240,403		(4)	%	(2)	%

Clearance and Collateral Management
Average tri-party collateral management balances (in billions)	$	5,626	$	5,451	$	5,457	$	5,207	$	5,026	3	%	12	%
(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, 2023 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.
N/M – Not meaningful.


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

																1Q23 vs.
(dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22			4Q22		1Q22
Revenue:
Investment management fees	$	752		$	754		$	788		$	825		$	848		—	%	(11)	%
Performance fees	22			26			10			5			34			N/M		(35)
Investment management and performance fees (a)	774			780			798			830			882			(1)		(12)
Distribution and servicing fees	55			54			55			51			32			2		72
Other fees (b)	(53)			(58)			(45)			(31)			1			N/M		N/M
Total fee revenue	776			776			808			850			915			—		(15)
Investment and other revenue (c)	6			(3)			(3)			(13)			(8)			N/M		N/M
Total fee and other revenue (c)	782			773			805			837			907			1		(14)
Net interest revenue	45			52			57			62			57			(13)		(21)
Total revenue	827			825			862			899			964			—		(14)
Provision for credit losses	—			1			3			—			(3)			N/M		N/M
Noninterest expense (ex. goodwill impairment and amortization of intangible assets)	729			693			669			685			748			5		(3)
Goodwill impairment	—			—			680			—			—			N/M		N/M
Amortization of intangible assets	5			6			7			6			7			(17)		(29)
Total noninterest expense	734			699			1,356			691			755			5		(3)
Income (loss) before income taxes	$	93		$	125		$	(497)		$	208		$	212		(26)	%	(56)	%


Total revenue by line of business:
Investment Management	$	557		$	550		$	579		$	603		$	658		1	%	(15)	%
Wealth Management	270			275			283			296			306			(2)		(12)
Total revenue by line of business	$	827		$	825		$	862		$	899		$	964		—	%	(14)	%

Financial ratios:
Pre-tax operating margin	11		%	15		%	(57)		%	23		%	22		%
Adjusted pre-tax operating margin – Non-GAAP (d)	13		%	17		%	(64)		%	26		%	24		%

Selected balance sheet data:
Average loans	$	13,960		$	14,404		$	14,482		$	14,087		$	13,228		(3)	%	6	%
Average assets (e)	$	28,232		$	28,488		$	29,996		$	33,668		$	35,629		(1)	%	(21)	%
Average deposits	$	16,144		$	16,416		$	17,225		$	20,802		$	22,501		(2)	%	(28)	%
(a) On a constant currency basis, investment management and performance fees decreased 9% (Non-GAAP) compared with 1Q22. See "Explanation of GAAP and Non-GAAP Financial Measures" beginning on page 18 for the reconciliation of this Non-GAAP measure.
(b) Other fees primarily include investment services fees.
(c) 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.
(d) 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.
(e) 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

											1Q23 vs.
(dollars in billions)	1Q23		4Q22		3Q22		2Q22		1Q22		4Q22		1Q22
AUM by product type (a)(b):
Equity	$	142	$	135	$	125	$	139	$	168	5	%	(15)	%
Fixed income	207		198		205		226		248		5		(17)
Index	408		395		366		387		440		3		(7)
Liability-driven investments	604		570		546		641		812		6		(26)
Multi-asset and alternative investments	161		153		181		188		215		5		(25)
Cash	386		385		353		356		383		—		1
Total AUM	$	1,908	$	1,836	$	1,776	$	1,937	$	2,266	4	%	(16)	%

Changes in AUM (a)(b):
Beginning balance of AUM	$	1,836	$	1,776	$	1,937	$	2,266	$	2,434
Net inflows (outflows):
Long-term strategies:
Equity	(4)		(5)		(5)		(4)		(4)
Fixed income	4		(12)		(3)		(1)		(5)
Liability-driven investments	10		19		30		12		17
Multi-asset and alternative investments	(3)		(4)		2		(5)		(4)
Total long-term active strategies inflows (outflows)	7		(2)		24		2		4
Index	(2)		(4)		(1)		12		(5)
Total long-term strategies inflows (outflows)	5		(6)		23		14		(1)
Short-term strategies:
Cash	—		27		(2)		(26)		(11)
Total net inflows (outflows)	5		21		21		(12)		(12)
Net market impact	52		18		(118)		(241)		(130)
Net currency impact	15		53		(64)		(76)		(26)
Divestiture	—		(32)		—		—		—
Ending balance of AUM	$	1,908	$	1,836	$	1,776	$	1,937	$	2,266	4	%	(16)	%

Wealth Management client assets (a)(c)	$	279	$	269	$	256	$	264	$	305	4	%	(9)	%
(a) March 31, 2023 information is preliminary.
(b) Excludes assets managed outside of the Investment and Wealth Management business segment.
(c) Includes AUM and AUC/A in the Wealth Management line of business.


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

(in millions)	1Q23		4Q22		3Q22		2Q22		1Q22
Revenue:
Fee revenue	$	3	$	12	$	28	$	13	$	8
Investment and other revenue	(14)		(442)		(5)		62		12
Total fee and other revenue	(11)		(430)		23		75		20
Net interest (expense)	(36)		(48)		(47)		(35)		(32)
Total revenue	(47)		(478)		(24)		40		(12)
Provision for credit losses	27		2		(26)		30		17
Noninterest expense	41		153		29		63		33
(Loss) before income taxes	$	(115)	$	(633)	$	(27)	$	(53)	$	(62)


Selected balance sheet data:
Average loans and leases	$	1,508	$	1,267	$	1,145	$	1,172	$	1,319
Average assets	$	50,566	$	46,915	$	44,407	$	42,206	$	42,501


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

(dollars in millions)	Dec. 31, 2022			1Q23 change in unrealized gain (loss)		March 31, 2023					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	$	38,916		$	488	$	43,691	$	39,519		90	%	$	(4,172)		16	%	100	%	—	%	—	%	—	%	—	%
U.S. Treasury	41,503			306		36,662		35,505			97		(1,157)			49		100		—		—		—		—
Agency commercial MBS	11,864			101		12,529		11,824			94		(705)			42		100		—		—		—		—
Sovereign debt/sovereign guaranteed	11,756			59		12,262		11,783			96		(479)			24		90		5		4		1		—
Supranational	8,298			34		8,835		8,595			97		(240)			62		100		—		—		—		—
CLOs	6,300			13		6,780		6,664			98		(116)			100		100		—		—		—		—
U.S. government agencies	6,115			62		7,149		6,655			93		(494)			41		100		—		—		—		—
Foreign covered bonds	5,776			22		6,234		5,991			96		(243)			56		100		—		—		—		—
Non-agency commercial MBS	3,054			(9)		3,358		3,069			91		(289)			54		100		—		—		—		—
Foreign government agencies	2,307			16		2,521		2,415			96		(106)			33		94		6		—		—		—
Non-agency RMBS	2,060			7		2,146		1,986			93		(160)			49		86		3		—		6		5
Other asset-backed securities	1,319			17		1,252		1,145			91		(107)			14		100		—		—		—		—
State and political subdivisions	23			—		13		11			88		(2)			—		1		2		3		—		94

Other	1			—		1		1			100		—			—		—		—		—		—		100
Total securities	$	139,292	(d)	$	1,116	$	143,433	$	135,163	(d)(e)	94	%	$	(8,270)	(d)(f)	39	%	99	%	1	%	—	%	—	%	—	%
(a) Amortized cost reflects historical impairments, 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 net unrealized gains on derivatives hedging securities available-for-sale (including terminated hedges) of $2,678 million at Dec. 31, 2022 and $1,979 million at March 31, 2023.
(e) The fair value of available-for-sale securities totaled $86,096 million at March 31, 2023, net of hedges, or 64% of the fair value of the securities portfolio, net of hedges. The fair value of the held-to-maturity securities totaled $49,067 million at March 31, 2023, or 36% of the fair value of the securities portfolio, net of hedges.
(f) At March 31, 2023, pre-tax net unrealized losses of $2,776 million related to available-for-sale securities, net of hedges, and $5,494 million related to held-to-maturity securities. The after-tax unrealized losses, net of hedges, related to available-for-sale securities is $2,094 million and the after-tax equivalent related to held-to-maturity securities is $4,189 million.
Note: The amortizable purchase premium (net of discount) relating to securities was $1,096 million at March 31, 2023 and the amortization of that net purchase premium was $42 million in 1Q23.


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

	2023			2022
(dollars in millions)	March 31			Dec. 31			Sept. 30			June 30			March 31
Allowance for credit losses – beginning of period:
Allowance for loan losses	$	176		$	164		$	181		$	171		$	196
Allowance for lending-related commitments	78			72			62			53			45
Allowance for other financial instruments (a)	38			44			67			39			19
Allowance for credit losses – beginning of period	$	292		$	280		$	310		$	263		$	260

Net (charge-offs) recoveries:
Charge-offs	—			(9)			(1)			(1)			—
Recoveries	1			1			1			1			1
Total net (charge-offs) recoveries	1			(8)			—			—			1
Provision for credit losses (b)	27			20			(30)			47			2
Allowance for credit losses – end of period	$	320		$	292		$	280		$	310		$	263

Allowance for credit losses – end of period:
Allowance for loan losses	$	170		$	176		$	164		$	181		$	171
Allowance for lending-related commitments	83			78			72			62			53
Allowance for other financial instruments (a)	67			38			44			67			39
Allowance for credit losses – end of period	$	320		$	292		$	280		$	310		$	263

Allowance for loan losses as a percentage of total loans	0.27		%	0.27		%	0.23		%	0.26		%	0.25		%

Nonperforming assets	$	105		$	109		$	107		$	114		$	119
(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 other 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 Mellon 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 revenue, 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 Mellon 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 return on common and tangible common equity ratios are annualized.



Return on common equity and tangible common equity reconciliation
(dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	905		$	509		$	319		$	835		$	699
Add: Amortization of intangible assets	14			16			17			17			17
Less: Tax impact of amortization of intangible assets	3			4			4			4			4
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	916		$	521		$	332		$	848		$	712

Average common shareholders’ equity	$	35,604		$	35,259		$	35,942		$	36,199		$	37,363
Less: Average goodwill	16,160			16,229			17,189			17,347			17,490
Average intangible assets	2,899			2,905			2,922			2,949			2,979
Add: Deferred tax liability – tax deductible goodwill	1,187			1,181			1,175			1,187			1,184
Deferred tax liability – intangible assets	660			660			660			668			673
Average tangible common shareholders’ equity – Non-GAAP	$	18,392		$	17,966		$	17,666		$	17,758		$	18,751

Return on common equity – GAAP	10.3		%	5.7		%	3.5		%	9.3		%	7.6		%
Return on tangible common equity – Non-GAAP	20.2		%	11.5		%	7.5		%	19.2		%	15.4		%


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	2023			2022
(dollars in millions, except common shares and unless otherwise noted)	March 31			Dec. 31			Sept. 30			June 30			March 31
BNY Mellon shareholders’ equity at period end – GAAP	$	40,634		$	40,734		$	39,737		$	40,984		$	41,799
Less: Preferred stock	4,838			4,838			4,838			4,838			4,838
BNY Mellon common shareholders’ equity at period end – GAAP	35,796			35,896			34,899			36,146			36,961
Less: Goodwill	16,192			16,150			16,412			17,271			17,462
Intangible assets	2,890			2,901			2,902			2,934			2,968
Add: Deferred tax liability – tax deductible goodwill	1,187			1,181			1,175			1,187			1,184
Deferred tax liability – intangible assets	660			660			660			668			673
BNY Mellon tangible common shareholders’ equity at period end – Non-GAAP	$	18,561		$	18,686		$	17,420		$	17,796		$	18,388

Period-end common shares outstanding (in thousands)	789,134			808,445			808,280			808,103			807,798

Book value per common share – GAAP	$	45.36		$	44.40		$	43.18		$	44.73		$	45.76
Tangible book value per common share – Non-GAAP	$	23.52		$	23.11		$	21.55		$	22.02		$	22.76



Net interest margin reconciliation
(dollars in millions)	1Q23			4Q22			3Q22			2Q22			1Q22
Net interest revenue – GAAP	$	1,128		$	1,056		$	926		$	824		$	698
Add: Tax equivalent adjustment	—			2			3			3			3
Net interest revenue (FTE) – Non-GAAP	$	1,128		$	1,058		$	929		$	827		$	701

Average interest-earning assets	$	348,378		$	352,987		$	352,062		$	370,782		$	373,186

Net interest margin – GAAP (a)	1.29		%	1.19		%	1.05		%	0.89		%	0.75		%
Net interest margin (FTE) – Non-GAAP (a)	1.29		%	1.19		%	1.05		%	0.89		%	0.76		%
(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)	1Q23			4Q22			3Q22			2Q22			1Q22
Income (loss) before income taxes – GAAP	$	93		$	125		$	(497)		$	208		$	212

Total revenue – GAAP	$	827		$	825		$	862		$	899		$	964
Less: Distribution and servicing expense	86			87			88			91			79
Adjusted total revenue, net of distribution and servicing expense – Non-GAAP	$	741		$	738		$	774		$	808		$	885

Pre-tax operating margin – GAAP (a)	11		%	15		%	(57)		%	23		%	22		%
Adjusted pre-tax operating margin, net of distribution and servicing expense – Non-GAAP (a)	13		%	17		%	(64)		%	26		%	24		%
(a) Income before income taxes divided by total revenue.



Constant currency reconciliations							1Q23 vs.
(dollars in millions)	1Q23			1Q22			1Q22
Consolidated:
Investment management and performance fees – GAAP	$	776		$	883		(12)		%
Impact of changes in foreign currency exchange rates	—			(28)
Adjusted investment management and performance fees – Non-GAAP	$	776		$	855		(9)		%


Investment and Wealth Management business segment:
Investment management and performance fees – GAAP	$	774		$	882		(12)		%
Impact of changes in foreign currency exchange rates	—			(28)
Adjusted investment management and performance fees – Non-GAAP	$	774		$	854		(9)		%

1Q23 Financial Highlights A P R I L 1 8 , 2 0 2 3

2 ROE: 10.3% ROTCE: 20.2% 1Q23 Financial Highlights Revenue Pre-tax income Pre-tax margin Returns Capital ratios T1L: 5.8% CET1: 11.0% • Revenue up 11% YoY – Fee revenue flat YoY – Net interest revenue up 62% YoY • Expense up 3% YoY • Provision for credit losses was $27mm • Deposits up 1% QoQ – Average deposits down 3% QoQ • Tier 1 leverage ratio flat QoQ • Liquidity coverage ratio flat QoQ • Returned $1.6bn to common shareholders, including $1.3bn of common share repurchases EPS (a) $4.4bn 28% $1.12 $1.2bn (a) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE.

3 1Q23 vs. $mm, except per share data or unless otherwise noted 1Q23 4Q22 1Q22 4Q22 1Q22 Fee revenue $3,156 $3,222 $3,158 (2)% —% Investment and other revenue 79 (360) 70 N/M N/M Net interest revenue 1,128 1,056 698 7% 62% Total revenue $4,363 $3,918 $3,926 11% 11% Provision for credit losses 27 20 2 N/M N/M Noninterest expense 3,100 3,213 3,006 (4)% 3% Income before income taxes $1,236 $685 $918 80% 35% Net income applicable to common shareholders $905 $509 $699 78% 29% EPS $1.12 $0.62 $0.86 81% 30% Avg. common shares and equivalents outstanding (mm) – diluted 808 816 814 (1)% (1)% Operating leverage(a) N/M 800 bps Pre-tax margin 28% 17% 23% ROE 10.3% 5.7% 7.6% ROTCE(b) 20.2% 11.5% 15.4% Increase / (decrease) Revenue Expense EPS 1Q23 (1) 5 $(0.01) Impact of litigation reserves and a disposal loss 4Q22 (460) 213 $(0.67) Impact of net loss from repositioning the securities portfolio, a disposal loss, severance expense and litigation reserves 1Q22 (88) (1) $(0.08) Accelerated amortization of deferred costs for depositary receipts services related to Russia (a) Note: See page 12 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 13 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. N/M – not meaningful. 1Q23 Financial Results Notable items impacting the quarter

4 1Q23 4Q22 1Q22 Consolidated regulatory capital ratios:(a) Tier 1 leverage ratio 5.8% 5.8% 5.3% Supplementary leverage ratio ("SLR") 6.9 6.8 6.2 Common Equity Tier 1 ratio – Advanced Approaches 11.0 11.2 10.4 Common Equity Tier 1 ratio – Standardized Approach 11.4 11.3 10.1 Consolidated regulatory liquidity ratios: Liquidity coverage ratio ("LCR") 118% 118% 109% Cash dividends per common share $0.37 $0.37 $0.34 Common stock dividends ($mm) $304 $305 $278 Common stock repurchases ($mm) 1,256 2 118 Book value per common share $45.36 $44.40 $45.76 Tangible book value per common share(b) 23.52 23.11 22.76 Common shares outstanding (mm) 789 808 808 Capital and Liquidity Note: See page 12 in the Appendix for corresponding footnotes.

5 1Q23 vs. $bn, avg. 1Q23 4Q22 1Q22 Deposits: Noninterest-bearing $70 (8)% (23)% Interest-bearing 204 (2)% (9)% Total deposits $274 (3)% (13)% Interest-earning assets: Cash and reverse repo 136 —% (6)% Loans 63 (6)% (5)% Investment securities: HQLA 119 — % (6) % Non-HQLA 25 (1) % (14) % Total investment securities 144 — % (8) % Total interest-earning assets $348 (1)% (7)% Net Interest Revenue and Balance Sheet Trends N e t I n t e r e s t R e v e n u e ( $ m m ) +7% +62% • Avg. deposits of $274bn down 3% QoQ • Avg. interest-earning assets of $348bn down 1% QoQ 698 1,056 1,128 1Q22 4Q22 1Q23 • Net interest revenue of $1,128mm up 7% QoQ, primarily reflects higher interest rates on interest-earning assets, partially offset by higher funding expense

6 1Q23 vs. $mm, unless otherwise noted 1Q23 4Q22 1Q22 Staff $1,791 (1)% 5% Software and equipment 429 (1)% 8% Professional, legal and other purchased services 375 (10)% 1% Net occupancy 119 (17)% (2)% Sub-custodian and clearing 118 5% —% Distribution and servicing 85 (1)% 8% Bank assessment charges 40 111% 14% Business development 39 (13)% 30% Amortization of intangible assets 14 (13)% (18)% Other 90 (37)% (33)% Total noninterest expense $3,100 (4)% 3% Noninterest Expense • Noninterest expense up 3% YoY, primarily reflecting higher investments and revenue-related expenses, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings, a stronger U.S. dollar and the impact of the Alcentra divestiture

7 1Q23 vs. $mm, unless otherwise noted 1Q23 4Q22 1Q22 Total revenue by line of business: Asset Servicing $1,664 (1)% 10% Issuer Services 452 (8)% 69% Total revenue $2,116 (3)% 19% Provision for credit losses — N/M N/M Noninterest expense 1,556 (1)% 3% Income before income taxes $560 (4)% 100% Fee revenue 1,378 (5)% 4% Net interest revenue 666 2% 77% Foreign exchange revenue 139 (7)% (6)% Securities lending revenue(a) 48 (4)% 23% Financial ratios, balance sheet data and metrics: Pre-tax margin 26% (47) bps 1,074 bps AUC/A ($trn, period end)(b)(c) $32.6 4% (3)% Deposits ($bn, avg.) $167 (5)% (13)% Market value of securities on loan ($bn, period end)(d) $441 (2)% (2)% • Total revenue of $2,116mm up 19% YoY – Asset Servicing up 10% YoY, primarily reflecting higher net interest revenue and the abatement of money market fee waivers, partially offset by lower market values, the unfavorable impact of a stronger U.S. dollar and lower foreign exchange revenue – Issuer Services up 69% YoY, primarily reflecting the 1Q22 accelerated amortization of deferred costs for depositary receipts services related to Russia, higher net interest revenue and the abatement of money market fee waivers • Noninterest expense of $1,556mm up 3% YoY, primarily reflecting higher investments, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and a stronger U.S. dollar • Income before income taxes of $560mm up 100% YoY Securities Services Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful.

8 1Q23 vs. $mm, unless otherwise noted 1Q23 4Q22 1Q22 Total revenue by line of business: Pershing $693 3% 22% Treasury Services 412 8% 22% Clearance and Collateral Management 362 5% 23% Total revenue $1,467 5% 22% Provision for credit losses — N/M N/M Noninterest expense 769 (2)% 9% Income before income taxes $698 15% 41% Fee revenue 999 1% 10% Net interest revenue 453 14% 53% Financial ratios, balance sheet data and metrics: Pre-tax margin 48% 405 bps 624 bps AUC/A ($trn, end of period)(a)(b) $13.7 8% 18% Deposits ($bn, avg.) $86 —% (10)% Pershing: Net new assets (U.S. platform) ($bn)(c) $37 N/M N/M Avg. active clearing accounts ('000) 7,849 3% 6% Treasury Services: Avg. daily U.S. dollar payment volumes ('000) 236 (4)% (2%) Clearance and Collateral Management: Avg. tri-party collateral management balances ($bn) $5,626 3% 12% Market and Wealth Services Note: See page 12 in the Appendix for the corresponding footnotes. N/M – not meaningful. • Total revenue of $1,467mm up 22% YoY – Pershing up 22% YoY, primarily reflecting the abatement of money market fee waivers and higher net interest revenue, partially offset by lower client activity – Treasury Services up 22% YoY, primarily reflecting higher net interest revenue and the abatement of money market fee waivers – Clearance and Collateral Management up 23% YoY, primarily reflecting higher net interest revenue and U.S. government clearance volumes • Noninterest expense of $769mm up 9% YoY, primarily reflecting higher investments and higher revenue-related expense, as well as the impact of inflation, partially offset by the favorable impact of efficiency savings and a stronger U.S. dollar • Income before income taxes of $698mm up 41% YoY

9 1Q23 vs. $mm, unless otherwise noted 1Q23 4Q22 1Q22 Total revenue by line of business: Investment Management $557 1% (15)% Wealth Management 270 (2)% (12)% Total revenue $827 —% (14)% Provision for credit losses — N/M N/M Noninterest expense 734 5% (3)% Income before income taxes $93 (26)% (56)% Fee revenue 776 —% (15)% Net interest revenue 45 (13)% (21)% Financial ratios, balance sheet data and metrics: Pre-tax margin 11% (390) bps (1,079) bps Adjusted pre-tax operating margin – Non-GAAP(a) 13% (438) bps (1,146) bps AUM ($bn, end of period)(b) $1,908 4% (16)% Loans ($bn, avg.) $14 (3)% 6% Deposits ($bn, avg.) $16 (2)% (28)% Wealth Management: Client assets ($bn, end of period)(c) $279 4% (9)% • Total revenue of $827mm down 14% YoY – Investment Management down 15% YoY, primarily reflecting the impact of the Alcentra divestiture, the mix of cumulative net inflows, lower market values and the unfavorable impact of a stronger U.S. dollar, partially offset by the abatement of money market fee waivers – Wealth Management revenue down 12% YoY, primarily reflecting lower market values and changes in product mix • Noninterest expense of $734mm down 3% YoY, primarily reflecting the impact of the Alcentra divestiture and the favorable impact of a stronger U.S. dollar, partially offset by higher revenue-related expenses • Income before income taxes of $93mm down 56% YoY • AUM of $1.9trn down 16% YoY, driven by lower market values, the unfavorable impact of a stronger U.S. dollar and the divestiture of Alcentra, partially offset by net inflows • Wealth Management client assets of $279bn down 9% YoY, primarily driven by lower market values Investment and Wealth Management (a) Adjusted pre-tax operating margin is net of distribution and servicing expense. Represents a non-GAAP measure. See page 14 in the Appendix for corresponding reconciliation of the non-GAAP measure of adjusted pre-tax operating margin. Note: See page 12 in the Appendix for the corresponding footnotes (b) and (c). N/M – not meaningful.

10 • Total revenue includes corporate treasury and other investment activity, including hedging activity which has an offsetting impact between fee and other revenue and net interest expense – QoQ increase in total revenue primarily reflects the $449mm net loss from repositioning the securities portfolio in 4Q22 • Provision for credit losses was $27mm, reflecting changes in the macroeconomic forecast • Noninterest expense decreased QoQ, primarily driven by lower severance expense $mm, unless otherwise noted 1Q23 4Q22 1Q22 Fee revenue $3 $12 $8 Investment and other revenue (14) (442) 12 Net interest (expense) (36) (48) (32) Total revenue $(47) $(478) $(12) Provision for credit losses 27 2 17 Noninterest expense 41 153 33 (Loss) before income taxes $(115) $(633) $(62) Other Segment

Appendix

12 Footnotes Page 3 – 1Q23 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. Page 4 – Capital and Liquidity (a) Regulatory capital ratios for March 31, 2023 are preliminary. For our CET1 ratio, 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, 2023 and Dec. 31, 2022 was the Advanced Approaches, and for March 31, 2022 was the Standardized Approach. (b) Tangible book value per common share — Non-GAAP excludes goodwill and intangible assets, net of deferred tax liabilities. See page 13 for corresponding reconciliation of this non-GAAP measure. Page 7 – Securities Services (a) Included in investment services fees reported in the Asset Servicing line of business. (b) March 31, 2023 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 Global Securities Services Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.5 trillion at March 31, 2023, $1.5 trillion at Dec. 31, 2022, and $1.7 trillion at March 31, 2022. (d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY Mellon acts as agent on behalf of CIBC Mellon clients, which totaled $69 billion at March 31, 2023, $68 billion at Dec. 31, 2022, and $78 billion at March 31, 2022. Page 8 – Market and Wealth Services (a) March 31, 2023 information is preliminary. (b) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business. (c) 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. Page 9 – Investment and Wealth Management (b) March 31, 2023 information is preliminary. Excludes assets managed outside of the Investment and Wealth Management business segment. (c) March 31, 2023 information is preliminary. Includes AUM and AUC/A in the Wealth Management business.

13 2023 2022 $mm, expect common shares and unless otherwise noted March 31 Dec. 31 March 31 BNY Mellon shareholders’ equity at period end — GAAP $ 40,634 $ 40,734 $ 41,799 Less: Preferred stock 4,838 4,838 4,838 BNY Mellon common shareholders’ equity at period end — GAAP 35,796 35,896 36,961 Less: Goodwill 16,192 16,150 17,462 Intangible assets 2,890 2,901 2,968 Add: Deferred tax liability — tax deductible goodwill 1,187 1,181 1,184 Deferred tax liability — intangible assets 660 660 673 BNY Mellon tangible common shareholders’ equity at period end — Non-GAAP $ 18,561 $ 18,686 $ 18,388 Period-end common shares outstanding (in thousands) 789,134 808,445 807,798 Book value per common share — GAAP $ 45.36 $ 44.40 $ 45.76 Tangible book value per common share — Non-GAAP $ 23.52 $ 23.11 $ 22.76 $mm 1Q23 4Q22 1Q22 Net income applicable to common shareholders of The Bank of New York Mellon Corporation — GAAP $ 905 $ 509 $ 699 Add: Amortization of intangible assets 14 16 17 Less: Tax impact of amortization of intangible assets 3 4 4 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $ 916 $ 521 $ 712 Average common shareholders’ equity $ 35,604 $ 35,259 $ 37,363 Less: Average goodwill 16,160 16,229 17,490 Average intangible assets 2,899 2,905 2,979 Add: Deferred tax liability — tax deductible goodwill 1,187 1,181 1,184 Deferred tax liability — intangible assets 660 660 673 Average tangible common shareholders’ equity — Non-GAAP $ 18,392 $ 17,966 $ 18,751 Return on common equity(a) — GAAP 10.3% 5.7% 7.6% Return on tangible common equity(a) — Non-GAAP 20.2% 11.5% 15.4% Return on Common Equity and Tangible Common Equity Reconciliation Book Value and Tangible Book Value Per Common Share Reconciliation (a) Quarterly returns are annualized.

14 (a) Income before income taxes divided by total revenue. (b) Notable items in 1Q23 reflect litigation reserves and a disposal loss (reflected in investment and other revenue). Notable item in 1Q22 reflects the accelerated amortization of deferred costs for depositary receipts services related to Russia. $mm 1Q23 4Q22 1Q22 Income before income taxes — GAAP $ 93 $ 125 $ 212 Total revenue — GAAP $ 827 $ 825 $ 964 Less: Distribution and servicing expense 86 87 79 Adjusted total revenue, net of distribution and servicing expense — Non-GAAP $ 741 $ 738 $ 885 Pre-tax operating margin — GAAP(a) 11% 15% 22% Adjusted pre-tax operating margin, net of distribution and servicing expense — Non-GAAP(a) 13% 17% 24% Pre-tax Operating Margin Reconciliation – Investment and Wealth Management Segment Diluted Earnings per Share Reconciliation – Impact of Notable Items 1Q23 vs. 1Q23 1Q22 1Q22 Diluted earnings per common share — GAAP $ 1.12 $ 0.86 30 % Impact of notable items(b) (0.01) (0.08) Diluted earnings per common share, ex-notables — Non-GAAP $ 1.13 $ 0.94 20%

15 A number of statements in The Bank of New York Mellon Corporation’s (the “Corporation”) presentations, the accompanying slides and the responses to your questions are “forward-looking statements.” Words such as “estimate,” “forecast,” “project,” “anticipate,” “likely,” “target,” “expect,” “intend,” “continue,” “seek,” “believe,” “plan,” “goal,” “could,” “should,” “would,” “may,” “might,” “will,” “strategy,” “synergies,” “opportunities,” “trends,” “ambition,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements relate to, among other things, the Corporation’s expectations regarding: capital plans including repurchases, strategic priorities, financial goals, organic growth, performance, organizational quality and efficiency, investments, including in technology and product development, capabilities, resiliency, revenue, net interest revenue, fees, expenses, cost discipline, sustainable growth, currency fluctuations, innovation in products and services, company management, human capital management (including related ambitions, objectives, aims and goals), deposits, interest rates and yield curves, securities portfolio, taxes, business opportunities, divestments, volatility, preliminary business metrics and regulatory capital ratios and statements regarding the Corporation’s aspirations, as well as the Corporation’s overall plans, strategies, goals, objectives, expectations, outlooks, estimates, intentions, targets, opportunities, focus and initiatives, including the potential effects of the coronavirus pandemic on any of the foregoing. These forward-looking statements are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation’s control). Actual outcomes may differ materially from those expressed or implied as a result of a number of factors, including, but not limited to, those discussed in “Risk Factors” in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) and in other filings of the Corporation with the Securities and Exchange Commission (the “SEC”). Statements about the effects of the current and near-term market and macroeconomic outlook on the Corporation, including on its business, operations, financial performance and prospects, may constitute forward-looking statements, and are based on assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond the Corporation's control), including geopolitical risks (including those related to Russia’s invasion of Ukraine). The timing, manner and amount of repurchases is subject to various factors, including our capital position, capital deployment opportunities, prevailing market conditions, legal and regulatory considerations, and our outlook for the economic environment. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as the Corporation completes its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. All forward-looking statements speak only as of April 18, 2023, and the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events. For additional information regarding the Corporation, please refer to the Corporation's SEC filings available at www.bnymellon.com/ investorrelations. Non-GAAP Measures: In this presentation we discuss certain non-GAAP measures in detailing the Corporation’s performance, which exclude certain items or otherwise include components that differ from GAAP. We believe these measures are useful to the investment community in analyzing the financial results and trends of ongoing operations. We believe they facilitate comparisons with prior periods and reflect the principal basis on which the Corporation’s management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in the Corporation’s reports filed with the SEC, including the 2022 Annual Report, the first quarter 2023 earnings release and the first quarter 2023 financial supplement, and are available at www.bnymellon.com/investorrelations. Cautionary Statement


Delaware	001-35651	13-2614959
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	BK	New York Stock Exchange

6.244% Fixed-to-Floating Rate Normal Preferred Capital Securities of Mellon Capital IV	BK/P	New York Stock Exchange
(fully and unconditionally guaranteed by The Bank of New York Mellon Corporation)


Exhibit
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated April 18, 2023, announcing financial results for the first quarter of 2023.
						The quotation in Exhibit 99.1 (the “Excluded Section”) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act. The information included in Exhibit 99.1, other than in the Excluded Section, shall be deemed “filed” for purposes of the Exchange Act.

99.2						The Bank of New York Mellon Corporation Financial Supplement dated April 18, 2023, for the first quarter of 2023.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						First Quarter 2023 Financial Highlights Presentation dated April 18, 2023.
						The information included in Exhibit 99.3 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of BNY Mellon under the Securities Act of 1933 or the Exchange Act.

104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


			The Bank of New York Mellon Corporation (Registrant)
Date: April 18, 2023			By: /s/ James J. Killerlane III
			Name: James J. Killerlane III Title: Secretary