bk-20250411

1Q25

FINANCIALRESULTS

BNY Reports First Quarter 2025

Earnings Per Common Share of $1.58

NEW YORK, April 11, 2025 – The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK) today has reported financial results for the first quarter of 2025.


CEO COMMENTARY


			BNY delivered a very solid performance in the first quarter, with total revenue of $4.8 billion, up 6% year-over-year. Enabled by our new commercial coverage approach and the phased transition to our strategic platforms operating model we can see tangible progress on delivering more integrated client solutions from across the entire company. Our steady execution on BNY’s ongoing transformation continued as we built on the momentum with which we
entered the year. Significant positive operating leverage resulted in an improved pre-tax margin of 32% and an ROTCE of 24%.
Looking ahead, we are prepared for a wide range of macroeconomic and market scenarios as the outlook for the operating environment is becoming more uncertain. Our work to operate BNY as a more platforms-oriented company, combined with our highly capitalized, liquid and lower credit risk balance sheet, positions us to manage dynamically and act as a source of strength as we support our clients in navigating the current environment.
– Robin Vince, President and Chief Executive Officer

EPS

Pre-tax margin

ROE

ROTCE

$1.58

32%

12.6%

24.2% (a)


KEY FINANCIAL INFORMATION


(dollars in millions, except per share amounts and unless otherwise noted)				1Q25 vs.
	1Q25			4Q24		1Q24
Selected income statement data:

Total fee revenue	$	3,403		(3)	%	3	%
Investment and other revenue	230			N/M		N/M
Net interest income	1,159			(3)		11
Total revenue	$	4,792		(1)	%	6	%
Provision for credit losses	18			N/M		N/M
Noninterest expense	$	3,252		(3)	%	2	%
Net income applicable to common shareholders	$	1,149		2	%	21	%
Diluted EPS	$	1.58		3	%	26	%

Selected metrics:

AUC/A (in trillions)	$	53.1		2	%	9	%
AUM (in trillions)	$	2.0		(1)	%	—	%

Financial ratios:	1Q25			4Q24		1Q24

Pre-tax operating margin	32		%	30	%	29	%
ROE	12.6		%	12.2	%	10.7	%
ROTCE (a)	24.2		%	23.3	%	20.7	%

Capital ratios:

Tier 1 leverage ratio	6.2		%	5.7	%	5.9	%
CET1 ratio	11.5		%	11.2	%	10.8	%


HIGHLIGHTS

Results

•Total revenue of $4.8 billion, increased 6%; or 5% excluding notable items (a)

•Noninterest expense of $3.3 billion, increased 2%

•Diluted EPS of $1.58, increased 26%; or 22% excluding notable items (a)

Profitability

•Pre-tax operating margin of 32%

•ROTCE of 24.2% (a)

Balance sheet

•Average deposits of $283 billion, increased 1% year-over-year and decreased 1% sequentially

•Tier 1 leverage ratio of 6.2%, increased 35 bps year-over-year and 50 bps sequentially

Capital distribution

•Returned $1.1 billion of capital to common shareholders

•$343 million of dividends

•$746 million of share repurchases

•Total payout ratio of 95% year-to-date



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

Note: Above comparisons are 1Q25 vs. 1Q24, unless otherwise noted.
Investor Relations: Marius Merz (212) 298-1480			Media Relations: Garrett Marquis (949) 683-1503


BNY 1Q25 Financial Results

CONSOLIDATED FINANCIAL HIGHLIGHTS


(dollars in millions, except per share amounts and unless otherwise noted; not meaningful - N/M)										1Q25 vs.
	1Q25			4Q24			1Q24			4Q24		1Q24
Fee revenue	$	3,403		$	3,513		$	3,305		(3)	%	3	%
Investment and other revenue	230			140			182			N/M		N/M
Total fee and other revenue	3,633			3,653			3,487			(1)		4
Net interest income	1,159			1,194			1,040			(3)		11
Total revenue	4,792			4,847			4,527			(1)		6
Provision for credit losses	18			20			27			N/M		N/M
Noninterest expense	3,252			3,355			3,176			(3)		2
Income before taxes	1,522			1,472			1,324			3		15
Provision for income taxes	300			315			297			(5)		1
Net income	$	1,222		$	1,157		$	1,027		6	%	19	%
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,149		$	1,130		$	953		2	%	21	%
Operating leverage (a)										194	bps	346	bps
Diluted earnings per common share	$	1.58		$	1.54		$	1.25		3	%	26	%
Average common shares and equivalents outstanding - diluted (in thousands)	727,398			733,720			762,268
Pre-tax operating margin	32		%	30		%	29		%

Metrics:
Average loans	$	69,670		$	69,211		$	65,844		1	%	6	%
Average deposits	282,535			286,488			278,846			(1)		1
AUC/A at period end (in trillions) (current period is preliminary)	53.1			52.1			48.8			2		9
AUM at period end (in trillions) (current period is preliminary)	2.01			2.03			2.02			(1)		—
Non-GAAP measures, excluding notable items: (b)
Adjusted total revenue	$	4,752		$	4,847		$	4,527		(2)	%	5	%
Adjusted noninterest expense	$	3,212		$	3,190		$	3,138		1%		2	%
Adjusted operating leverage (a)										(265)	bps	261	bps
Adjusted diluted earnings per common share	$	1.58		$	1.72		$	1.29		(8)	%	22	%
Adjusted pre-tax operating margin	32		%	34		%	30		%

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

(b) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

bps – basis points.

KEY DRIVERS (comparisons are 1Q25 vs. 1Q24, unless otherwise noted)

•Total revenue increased 6%, primarily reflecting:

•Fee revenue increased 3%, primarily reflecting net new business and higher market values, partially offset by the mix of AUM flows.

•Investment and other revenue increased primarily reflecting a disposal gain recorded in 1Q25.

•Net interest income increased 11%, primarily reflecting the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix.

•Provision for credit losses was $18 million, primarily driven by reserve increases related to commercial real estate exposure.

•Noninterest expense increased 2%, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings.

•Effective tax rate of 19.7%, primarily reflecting a tax benefit in 1Q25 from the annual vesting of stock awards.

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

•AUC/A increased 9%, primarily reflecting client inflows, higher market values and net new business.

•AUM was flat reflecting higher market values, offset by cumulative net outflows.

Capital and liquidity

•$343 million of dividends to common shareholders (b); $746 million of common share repurchases.

•Return on common equity (“ROE”) – 12.6%.

•Return on tangible common equity (“ROTCE”) – 24.2% (a).

•Common Equity Tier 1 (“CET1”) ratio – 11.5%.

•Tier 1 leverage ratio – 6.2%.

•Average liquidity coverage ratio (“LCR”) – 116%; Average net stable funding ratio (“NSFR”) – 132%.

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

(a) See “Explanation of GAAP and Non-GAAP financial measures” beginning on page 9 for additional information.

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

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


2


BNY 1Q25 Financial Results

SECURITIES SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q25 vs.
	1Q25			4Q24			1Q24			4Q24		1Q24
Investment services fees:
Asset Servicing	$	1,062		$	1,042		$	1,013		2	%	5	%
Issuer Services	267			295			261			(9)		2
Total investment services fees	1,329			1,337			1,274			(1)		4
Foreign exchange revenue	136			147			124			(7)		10
Other fees (a)	65			62			59			5		10
Total fee revenue	1,530			1,546			1,457			(1)		5
Investment and other revenue	140			97			99			N/M		N/M
Total fee and other revenue	1,670			1,643			1,556			2		7
Net interest income	630			681			583			(7)		8
Total revenue	2,300			2,324			2,139			(1)		8
Provision for credit losses	8			15			11			N/M		N/M
Noninterest expense	1,584			1,666			1,537			(5)		3
Income before taxes	$	708		$	643		$	591		10	%	20	%

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

Pre-tax operating margin	31		%	28		%	28		%

Securities lending revenue (b)	$	52		$	52		$	46		—	%	13	%

Metrics:
Average loans	$	11,347		$	11,553		$	11,204		(2)	%	1	%
Average deposits	$	175,854		$	180,843		$	174,687		(3)	%	1	%

AUC/A at period end (in trillions) (current period is preliminary) (c)	$	38.1		$	37.7		$	35.4		1	%	8	%
Market value of securities on loan at period end (in billions) (d)	$	504		$	488		$	486		3	%	4	%

(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 Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at March 31, 2025, $1.8 trillion at Dec. 31, 2024 and $1.7 trillion at March 31, 2024.

(d) Represents the total amount of securities on loan in our agency securities lending program. Excludes securities for which BNY acts as agent on behalf of CIBC Mellon clients, which totaled $62 billion at March 31, 2025, $60 billion at Dec. 31, 2024 and $64 billion at March 31, 2024.

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 income, market values, foreign exchange revenue and client activity. The sequential decrease primarily reflects lower net interest income.

•Issuer Services – The year-over-year increase reflects the 1Q25 disposal gain and higher Corporate Trust fees, partially offset by lower net interest income. The sequential decrease primarily reflects lower net interest income and Depositary Receipts revenue, partially offset by the disposal gain.

•Noninterest expense increased year-over-year primarily reflecting higher investments, revenue-related expenses and employee merit increases, partially offset by efficiency savings. The sequential decrease primarily reflects efficiency savings and lower litigation reserves, partially offset by higher investments.


3


BNY 1Q25 Financial Results

MARKET AND WEALTH SERVICES BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)										1Q25 vs.
	1Q25			4Q24			1Q24			4Q24		1Q24
Investment services fees:
Pershing	$	503		$	516		$	482		(3)	%	4	%
Treasury Services	209			206			184			1		14
Clearance and Collateral Management	362			364			329			(1)		10
Total investment services fees	1,074			1,086			995			(1)		8
Foreign exchange revenue	29			27			24			7		21
Other fees (a)	65			61			58			7		12
Total fee revenue	1,168			1,174			1,077			(1)		8
Investment and other revenue	21			19			17			N/M		N/M
Total fee and other revenue	1,189			1,193			1,094			—		9
Net interest income	497			474			423			5		17
Total revenue	1,686			1,667			1,517			1		11
Provision for credit losses	4			9			5			N/M		N/M
Noninterest expense	866			852			834			2		4
Income before taxes	$	816		$	806		$	678		1	%	20	%

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

Pre-tax operating margin	48		%	48		%	45		%

Metrics:
Average loans	$	42,986		$	42,217		$	39,271		2	%	9	%
Average deposits	$	91,905		$	90,980		$	89,539		1	%	3	%

AUC/A at period end (in trillions) (current period is preliminary) (b)	$	14.7		$	14.1		$	13.1		4	%	12	%

(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 higher net interest income, market values and net new business. The sequential increase primarily reflects higher net interest income.

•Treasury Services – The year-over-year increase primarily reflects higher net interest income, net new business and higher client activity.

•Clearance and Collateral Management – The year-over-year increase primarily reflects higher net interest income, clearance volumes and collateral management balances.

•Noninterest expense increased year-over-year primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings. The sequential increase primarily reflects higher investments, partially offset by efficiency savings and lower severance expense.


4


BNY 1Q25 Financial Results

INVESTMENT AND WEALTH MANAGEMENT BUSINESS SEGMENT HIGHLIGHTS


(dollars in millions, unless otherwise noted; not meaningful - N/M)											1Q25 vs.
	1Q25			(a)	4Q24			1Q24			4Q24		(a)	1Q24		(a)
Investment management fees (a)	$	735			$	789		$	768		(7)	%		(4)	%
Performance fees	5				20			10			N/M			N/M
Investment management and performance fees	740				809			778			(9)			(5)
Distribution and servicing fees	68				68			70			—			(3)
Other fees (b)	(75)				(64)			(60)			N/M			N/M
Total fee revenue	733				813			788			(10)			(7)
Investment and other revenue (c)	5				13			17			N/M			N/M
Total fee and other revenue (c)	738				826			805			(11)			(8)
Net interest income	41				47			41			(13)			—
Total revenue	779				873			846			(11)			(8)
Provision for credit losses	2				—			(1)			N/M			N/M
Noninterest expense (a)	714				700			740			2			(4)
Income before taxes	$	63			$	173		$	107		(64)	%		(41)	%

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

Pre-tax operating margin	8		%		20		%	13		%
Adjusted pre-tax operating margin – Non-GAAP (d)	9		%		22		%	14		%

Metrics:
Average loans	$	13,537			$	13,718		$	13,553		(1)	%		—	%
Average deposits	$	9,917			$	9,967		$	11,364		(1)	%		(13)	%

AUM (in billions) (current period is preliminary) (e)	$	2,008			$	2,029		$	2,015		(1)	%		—	%
Wealth Management client assets (in billions) (current period is preliminary) (f)	$	327			$	327		$	309		—	%		6	%

(a) Effective 1Q25, an adjustment for certain rebates, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million for both 1Q25 and 1Q24 and impacted the variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above.

(b) 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 9 for information on this Non-GAAP measure.

(e) Represents assets managed in the Investment and Wealth Management business segment.

(f) 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 mix of AUM flows, the adjustment for certain rebates (offset in noninterest expense) (a), lower seed capital gains and lower equity investment income, partially offset by higher market values. The sequential decrease primarily reflects the adjustment for certain rebates (offset in noninterest expense) (a), timing of performance fees, lower equity investment income, lower seed capital gains and the mix of AUM flows.

•Wealth Management – The year-over-year increase primarily reflects higher market values, partially offset by changes in product mix. The sequential decrease primarily reflects lower net interest income.

•Noninterest expense decreased year-over-year primarily reflecting lower revenue-related expenses (including the adjustment for certain rebates (a)) and efficiency savings, partially offset by higher investments. The sequential increase primarily reflects higher revenue-related expenses (net of the adjustment for certain rebates (a)), partially offset by lower severance expense and efficiency savings.


5


BNY 1Q25 Financial Results

OTHER SEGMENT

The Other segment primarily includes the leasing portfolio, corporate treasury activities, including our securities portfolio, derivatives and other trading activity, tax credit investments and other corporate investments, certain business exits and other corporate revenue and expense items.



(dollars in millions)	1Q25		4Q24		1Q24
Fee revenue	$	(28)	$	(20)	$	(17)
Investment and other revenue	62		9		47
Total fee and other revenue	34		(11)		30
Net interest (expense)	(9)		(8)		(7)
Total revenue	25		(19)		23
Provision for credit losses	4		(4)		12
Noninterest expense	88		137		65
(Loss) before taxes	$	(67)	$	(152)	$	(54)

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 primarily reflects net losses on sales of securities recorded in 4Q24.

•Noninterest expense increased year-over-year primarily driven by higher staff expense. The sequential decrease primarily reflects lower severance expense and the net impact of the adjustments to the FDIC special assessment.


6


BNY 1Q25 Financial Results

CAPITAL AND LIQUIDITY


Capital and liquidity ratios	March 31, 2025			Dec. 31, 2024
Consolidated regulatory capital ratios: (a)
CET1 ratio	11.5		%	11.2		%
Tier 1 capital ratio	14.7			13.7
Total capital ratio	15.7			14.8
Tier 1 leverage ratio (a)	6.2			5.7
Supplementary leverage ratio (a)	6.9			6.5
BNY shareholders’ equity to total assets ratio	9.8		%	9.9		%
BNY common shareholders’ equity to total assets ratio	8.6		%	8.9		%

Average LCR (a)	116		%	115		%
Average NSFR (a)	132		%	132		%

Book value per common share	$	52.82		$	51.52
Tangible book value per common share – Non-GAAP (b)	$	28.20		$	27.05
Common shares outstanding (in thousands)	715,434			717,680

(a) Regulatory capital and liquidity ratios for March 31, 2025 are preliminary. For our CET1, Tier 1 capital and Total capital ratios, our effective capital ratios under the U.S. capital rules are the lower of the ratios as calculated under the Standardized and Advanced Approaches, which for March 31, 2025 and for Dec. 31, 2024 was the Standardized Approach.

(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 $19.5 billion and Tier 1 capital totaled $24.8 billion at March 31, 2025, both increasing compared with Dec. 31, 2024, primarily reflecting capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends. Tier 1 capital also increased at March 31, 2025, compared with Dec. 31, 2024, reflecting the issuance of preferred stock. The CET1 ratio increased compared with Dec. 31, 2024 reflecting the increase in capital, partially offset by higher risk-weighted assets. The Tier 1 leverage ratio increased compared with Dec. 31, 2024 reflecting the increase in capital and lower average assets.

NET INTEREST INCOME


Net interest income										1Q25 vs.
(dollars in millions; not meaningful - N/M)	1Q25			4Q24			1Q24			4Q24		1Q24
Net interest income	$	1,159		$	1,194		$	1,040		(3)%		11%
Add: Tax equivalent adjustment	—			1			—			N/M		N/M
Net interest income, on a fully taxable equivalent (“FTE”) basis – Non-GAAP (a)	$	1,159		$	1,195		$	1,040		(3)%		11%

Net interest margin	1.30		%	1.32		%	1.19		%	(2)	bps	11	bps
Net interest margin (FTE) – Non-GAAP (a)	1.30		%	1.32		%	1.19		%	(2)	bps	11	bps

(a) Net interest income (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 income increased year-over-year primarily reflecting the reinvestment of maturing investment securities at higher yields, partially offset by changes in deposit mix.

•The sequential decrease in net interest income primarily reflects changes in balance sheet size and mix, partially offset by the continued reinvestment of maturing investment securities at higher yields.


7


BNY 1Q25 Financial Results

THE BANK OF NEW YORK MELLON CORPORATION

Condensed Consolidated Income Statement


(dollars in millions)	Quarter ended
	March 31, 2025		Dec. 31, 2024		March 31, 2024

Fee and other revenue
Investment services fees	$	2,411	$	2,438	$	2,278
Investment management and performance fees	739		808		776
Foreign exchange revenue	156		177		152
Financing-related fees	60		53		57
Distribution and servicing fees	37		37		42
Total fee revenue	3,403		3,513		3,305
Investment and other revenue	230		140		182
Total fee and other revenue	3,633		3,653		3,487
Net interest income
Interest income	6,123		6,467		6,096
Interest expense	4,964		5,273		5,056
Net interest income	1,159		1,194		1,040
Total revenue	4,792		4,847		4,527
Provision for credit losses	18		20		27
Noninterest expense
Staff	1,834		1,817		1,857
Software and equipment	513		520		475
Professional, legal and other purchased services	366		410		349
Net occupancy	136		149		124
Sub-custodian and clearing	131		128		119
Distribution and servicing	65		87		96
Business development	48		54		36
Bank assessment charges	38		16		17

Amortization of intangible assets	11		13		12
Other	110		161		91
Total noninterest expense	3,252		3,355		3,176
Income
Income before taxes	1,522		1,472		1,324
Provision for income taxes	300		315		297
Net income	1,222		1,157		1,027
Net (income) attributable to noncontrolling interests related to consolidated investment management funds	(2)		(2)		(2)
Net income applicable to shareholders of The Bank of New York Mellon Corporation	1,220		1,155		1,025
Preferred stock dividends	(71)		(25)		(72)
Net income applicable to common shareholders of The Bank of New York Mellon Corporation	$	1,149	$	1,130	$	953


Earnings per share applicable to the common shareholders of The Bank of New York Mellon Corporation	Quarter ended
	March 31, 2025		Dec. 31, 2024		March 31, 2024
(in dollars)
Basic	$	1.59	$	1.56	$	1.26
Diluted	$	1.58	$	1.54	$	1.25


8


BNY 1Q25 Financial Results

EXPLANATION OF GAAP AND NON-GAAP FINANCIAL MEASURES

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

BNY has 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.

See “Explanation of GAAP and Non-GAAP Financial Measures” in the Financial Supplement available at www.bny.com for additional reconciliations of Non-GAAP measures.

BNY has also included revenue measures excluding notable items, including disposal gains. Expense measures, excluding notable items, including severance expense, litigation reserves and the FDIC special assessment, are also presented. Litigation reserves represent accruals for loss contingencies that are both probable and reasonably estimable, but exclude standard business-related legal fees. Net income applicable to common shareholders of The Bank of New York Mellon Corporation, diluted earnings per share, operating leverage, return on common equity, return on tangible common equity and pre-tax operating margin, excluding the notable items mentioned above, are also provided. 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							1Q25 vs.
(dollars in millions, except per share amounts)	1Q25		4Q24		1Q24		4Q24		1Q24




Total revenue – GAAP	$	4,792	$	4,847	$	4,527	(1)	%	6	%

Less: Disposal gain (a)	40		—		—

Adjusted total revenue – Non-GAAP	$	4,752	$	4,847	$	4,527	(2)	%	5	%

Noninterest expense – GAAP	$	3,252	$	3,355	$	3,176	(3)	%	2	%
Less: Severance expense (b)	32		135		36
Litigation reserves (b)	2		38		2
FDIC special assessment (b)	6		(8)		—

Adjusted noninterest expense – Non-GAAP	$	3,212	$	3,190	$	3,138	1	%	2	%






Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,149	$	1,130	$	953	2	%	21	%

Less: Disposal gain (a)	32		—		—

Severance expense (b)	(25)		(103)		(27)
Litigation reserves (b)	(1)		(37)		(2)
FDIC special assessment (b)	(5)		6		—

Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation – Non-GAAP	$	1,148	$	1,264	$	982	(9)	%	17	%

Diluted earnings per common share – GAAP	$	1.58	$	1.54	$	1.25	3	%	26	%

Less: Disposal gain (a)	0.04		—		—

Severance expense (b)	(0.03)		(0.14)		(0.04)
Litigation reserves (b)	—		(0.05)		—
FDIC special assessment (b)	(0.01)		0.01		—
Total diluted earnings per common share impact of notable items	—		(0.18)		(0.04)
Adjusted diluted earnings per common share – Non-GAAP	$	1.58	$	1.72	$	1.29	(8)	%	22	%
Operating leverage – GAAP (c)							194	bps	346	bps
Adjusted operating leverage – Non-GAAP (c)							(265)	bps	261	bps

(a) Reflected in Investment and other revenue.

(b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively.

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

bps - basis points.


9


BNY 1Q25 Financial Results


Pre-tax operating margin reconciliation
(dollars in millions)	1Q25			4Q24			1Q24
Income before taxes – GAAP	$	1,522		$	1,472		$	1,324
Impact of notable items (a)	—			(165)			(38)
Adjusted income before taxes, excluding notable items – Non-GAAP	$	1,522		$	1,637		$	1,362

Total revenue – GAAP	$	4,792		$	4,847		$	4,527
Impact of notable items (a)	40			—			—
Adjusted total revenue, excluding notable items – Non-GAAP	$	4,752		$	4,847		$	4,527

Pre-tax operating margin – GAAP (b)	32		%	30		%	29		%
Adjusted pre-tax operating margin – Non-GAAP (b)	32		%	34		%	30		%

(a) See page 9 for details of notable items and line items impacted.

(b) Income before taxes divided by total revenue.


Return on common equity and return on tangible common equity reconciliation
(dollars in millions)	1Q25			4Q24			1Q24
Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP	$	1,149		$	1,130		$	953
Add: Amortization of intangible assets	11			13			12
Less: Tax impact of amortization of intangible assets	3			3			3
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets – Non-GAAP	$	1,157		$	1,140		$	962
Impact of notable items (a)	1			(134)			(29)
Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items – Non-GAAP	$	1,156		$	1,274		$	991

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

Return on common equity – GAAP (b)	12.6		%	12.2		%	10.7		%
Adjusted return on common equity – Non-GAAP (b)	12.6		%	13.6		%	11.0		%

Return on tangible common equity – Non-GAAP (b)	24.2		%	23.3		%	20.7		%
Adjusted return on tangible common equity – Non-GAAP (b)	24.2		%	26.1		%	21.3		%

(a) See page 9 for details of notable items and line items impacted.

(b) Returns are annualized.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

A number of statements in this Earnings Release and in our Financial Supplement may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about our strategic priorities, financial performance and financial targets. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially, as we complete our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Forward-looking statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors, including the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2024 and our other filings with the Securities and Exchange Commission.

You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events.


10


BNY 1Q25 Financial Results

ABOUT BNY

BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.

CONFERENCE CALL INFORMATION

Robin Vince, President and Chief Executive Officer, and Dermot McDonogh, Chief Financial Officer, will host a conference call and simultaneous live audio webcast at 11:00 a.m. ET on April 11, 2025. 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.bny.com/investorrelations. Earnings materials will be available at www.bny.com/investorrelations beginning at approximately 6:30 a.m. ET on April 11, 2025.

An archived version of the first quarter conference call and audio webcast will be available beginning on April 11, 2025 at approximately 3:00 p.m. ET through May 9, 2025 at www.bny.com/investorrelations.


11


The Bank of New York Mellon Corporation

Financial Supplement

First Quarter 2025


Table of Contents




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

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

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

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


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


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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT

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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET

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


THE BANK OF NEW YORK MELLON CORPORATION
FEE AND OTHER REVENUE

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


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

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


THE BANK OF NEW YORK MELLON CORPORATION
CAPITAL AND LIQUIDITY

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

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

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

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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

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


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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES SERVICES BUSINESS SEGMENT

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

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

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


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

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


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


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


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

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

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

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

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

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


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

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

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


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

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

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


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

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

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

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


THE BANK OF NEW YORK MELLON CORPORATION
OTHER SEGMENT

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


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


THE BANK OF NEW YORK MELLON CORPORATION
SECURITIES PORTFOLIO

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


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

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

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

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

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

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


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

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

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

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

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

Notes:


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



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

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

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


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

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

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



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

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

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


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

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

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



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


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

1Q25 QUARTERLY UPDATE April 11, 2025

2 • Revenue Growth: Revenue of $4.8bn up 6% YoY; up 5%(b) excluding notable items – Investment services fees up 6% YoY – Investment management and performance fees down 5% YoY – Foreign exchange revenue up 3% YoY – Net interest income up 11% YoY • Expense Discipline: Expense of $3.3bn up 2% YoY • Balance Sheet Strength: – Average total deposits of $283bn up 1% YoY and down 1% QoQ – Tier 1 leverage ratio of 6.2% and CET1 ratio of 11.5% – LCR of 116% and NSFR of 132% • Profitability: – Pre-tax margin of 32% – ROE of 12.6% and ROTCE(a) of 24.2% • Capital Returns: Returned $1.1bn to common shareholders, including $343mm of dividends and $746mm of share repurchases – 95% payout ratio year-to-date 1Q25 Financial Highlights + 22% Revenue: Pre-tax Margin: Adj. EPS(b): + 6% 32% ROTCE(a): 24.2% Tier 1 Leverage: 6.2% Expenses: + 2% (a) Represents a non-GAAP measure. See page 11 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (b) Represents a non-GAAP measure. See page 12 in the Appendix for the corresponding reconciliation of the non-GAAP measures excluding notable items. Note: Above comparisons are 1Q25 vs. 1Q24, unless otherwise noted.

3 1Q25 vs. $mm, except per share data or unless otherwise noted 1Q25 4Q24 1Q24 4Q24 1Q24 Income Statement Investment services fees $2,411 $2,438 $2,278 (1)% 6% Investment management and performance fees 739 808 776 (9) (5) Foreign exchange revenue 156 177 152 (12) 3 Other fee revenue 97 90 99 8 (2) Total fee revenue $3,403 $3,513 $3,305 (3)% 3% Investment and other revenue 230 140 182 N/M N/M Net interest income 1,159 1,194 1,040 (3) 11 Total revenue $4,792 $4,847 $4,527 (1)% 6% Provision for credit losses 18 20 27 N/M N/M Noninterest expense 3,252 3,355 3,176 (3) 2 Income before income taxes $1,522 $1,472 $1,324 3% 15% Net income applicable to common shareholders $1,149 $1,130 $953 2% 21% Avg. common shares and equivalents outstanding (mm) - diluted 727 734 762 (1)% (5)% EPS $1.58 $1.54 $1.25 3% 26% Key Performance Indicators Operating leverage(a) 194 bps 346 bps Pre-tax margin 32% 30% 29% ROE 12.6% 12.2% 10.7% ROTCE(b) 24.2% 23.3% 20.7% Non-GAAP measures, excluding notable items(c) Adjusted total revenue $4,752 $4,847 $4,527 (2)% 5% Adjusted noninterest expense 3,212 3,190 3,138 1 2 Adjusted EPS 1.58 1.72 1.29 (8) 22 Adjusted operating leverage (265) bps 261 bps Adjusted pre-tax margin 32% 34% 30% Adjusted ROTCE 24.2% 26.1% 21.3% 1Q25 Financial Results (a) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (b) Represents a non-GAAP measure. See page 11 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Each of the below line items represents a non-GAAP measure. See pages 11 and 12 in the Appendix for the corresponding reconciliations of these non-GAAP measures excluding notable items. N/M – not meaningful.

4 1Q25 4Q24 1Q24 Consolidated regulatory capital ratios(a) Tier 1 capital ($mm) $24,783 $23,039 $22,723 Average assets for Tier 1 leverage ratio ($mm) 397,513 402,069 386,148 Tier 1 leverage ratio 6.2% 5.7% 5.9% Common Equity Tier 1 ("CET1") capital ($mm) $19,505 $18,759 $18,383 Risk-weighted assets ($mm) 169,080 167,786 169,909 CET1 ratio 11.5% 11.2% 10.8% Supplementary leverage ratio ("SLR") 6.9% 6.5% 7.0% Consolidated regulatory liquidity ratios(a) Liquidity coverage ratio ("LCR") 116% 115% 117% Net stable funding ratio ("NSFR") 132% 132% 136% Capital returns Cash dividends per common share $0.47 $0.47 $0.42 Common stock dividends ($mm) $343 $349 $324 Common stock repurchases ($mm) 746 750 988 Total capital return ($mm) $1,089 $1,099 $1,312 Total payout ratio 95% 97% 138% Profitability ROE 12.6% 12.2% 10.7% ROTCE(b) 24.2% 23.3% 20.7% Adjusted ROTCE(c) 24.2% 26.1% 21.3% Capital and Liquidity CAPITAL • Tier 1 leverage ratio of 6.2% up 50bps QoQ – Tier 1 capital of $24.8bn increased $1,744mm QoQ, primarily reflecting capital generated through earnings, the issuance of preferred stock and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends – Average assets for Tier 1 leverage ratio of $397.5bn decreased $4.6bn QoQ • CET1 ratio of 11.5% up 36bps QoQ – CET1 capital of $19.5bn increased $746mm QoQ, primarily reflecting capital generated through earnings and a net increase in accumulated other comprehensive income, partially offset by capital returned through common stock repurchases and dividends – RWA of $169.1bn increased by $1.3bn QoQ LIQUIDITY • LCR of 116% up 1%-pt QoQ • NSFR of 132% flat QoQ (a) Note: See page 10 in the Appendix for corresponding footnotes. (b) Represents a non-GAAP measure. See page 11 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE. (c) Represents a non-GAAP measure. See page 11 in the Appendix for the corresponding reconciliation of the non-GAAP measure of ROTCE excluding notable items.

5 1,040 1,030 1,048 1,194 1,159 1Q24 2Q24 3Q24 4Q24 1Q25 1Q25 vs. 1Q25 4Q24 1Q24 Total assets $416 (1)% 3% Total interest-earning assets $355 (1)% 2% Cash and reverse repo 137 (4) (3) Loans 70 1 6 Investment securities 142 1 6 Noninterest-bearing $48 (6)% (4)% Interest-bearing 234 — 2 Total deposits $283 (1)% 1% Net Interest Income and Balance Sheet Trends Net Interest Income ($mm) 1.19% 1.15% 1.16% 1.32% 1.30% 1Q24 2Q24 3Q24 4Q24 1Q25 Net Interest Margin Balance Sheet Trends ($bn, average) • Net interest income of $1,159mm up 11% YoY and down 3% QoQ – QoQ decrease primarily reflecting changes in balance sheet size and mix, partially offset by the continued reinvestment of maturing investment securities at higher yields • Net interest margin of 1.30% up 11 bps YoY and down 2 bps QoQ • Avg. total deposits of $283bn up 1% YoY and down 1% QoQ

6 1Q25 vs. $mm, unless otherwise noted 1Q25 4Q24 1Q24 Asset Servicing $1,062 2% 5% Issuer Services 267 (9) 2 Total investment services fees $1,329 (1)% 4% Foreign exchange revenue 136 (7) 10 Other fees(a) 65 5 10 Investment and other revenue 140 N/M N/M Net interest income 630 (7) 8 Total revenue $2,300 (1)% 8% Provision for credit losses 8 N/M N/M Noninterest expense 1,584 (5) 3 Income before income taxes $708 10% 20% $bn, unless otherwise noted 1Q25 4Q24 1Q24 Pre-tax margin 31% 28% 28% Assets under custody and/or administration ("AUC/A")(trn) $38.1 $37.7 $35.4 Deposits (average) $176 $181 $175 Issuer Services Total debt serviced (trn) $13.9 $14.1 $14.0 Number of sponsored Depositary Receipts programs 488 499 527 Securities Services Select Income Statement Data • Total revenue of $2,300mm up 8% YoY – Investment services fees up 4% YoY > Asset Servicing up 5% YoY, primarily reflecting higher market values and net new business > Issuer Services up 2% YoY, primarily reflecting higher Corporate Trust fees – Foreign exchange revenue up 10% YoY – Net interest income up 8% YoY • Noninterest expense of $1,584mm up 3% YoY, primarily reflecting higher investments, revenue- related expenses and employee merit increases, partially offset by efficiency savings • Income before income taxes of $708mm up 20% YoY Note: See page 10 in the Appendix for corresponding footnotes. N/M – not meaningful. Select Income Statement Data Key Performance Indicators (b)(c)

7 1Q25 vs. $mm, unless otherwise noted 1Q25 4Q24 1Q24 Pershing $503 (3)% 4% Clearance and Collateral Management 362 (1) 10 Treasury Services 209 1 14 Total investment services fees $1,074 (1)% 8% Foreign exchange revenue 29 7 21 Other fees(a) 65 7 12 Investment and other revenue 21 N/M N/M Net interest income 497 5 17 Total revenue $1,686 1% 11% Provision for credit losses 4 N/M N/M Noninterest expense 866 2 4 Income before income taxes $816 1% 20% $bn, unless otherwise noted 1Q25 4Q24 1Q24 Pre-tax margin 48% 48% 45% AUC/A (trn)(b)(c) $14.7 $14.1 $13.1 Deposits (average) $92 $91 $90 Pershing AUC/A (trn)(b) $2.7 $2.7 $2.6 Net new assets (U.S. platform)(d) 11 41 (2) Daily average revenue trades (DARTs) (U.S. platform) ('000) 298 254 290 Average active clearing accounts ('000) 8,406 8,260 7,991 Treasury Services U.S. dollar payment volumes (daily average) 244,673 250,714 237,124 Clearance and Collateral Management Average collateral balances(e) $6,576 $6,463 $5,937 Market and Wealth Services Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $1,686mm up 11% YoY – Investment services fees up 8% YoY > Pershing up 4% YoY, primarily reflecting higher market values and net new business > Clearance and Collateral Management up 10% YoY, primarily reflecting higher clearance volumes and collateral management balances > Treasury Services up 14% YoY, primarily reflecting net new business – Foreign exchange revenue up 21% YoY – Net interest income up 17% YoY • Noninterest expense of $866mm up 4% YoY, primarily reflecting higher investments and employee merit increases, partially offset by efficiency savings • Income before income taxes of $816mm up 20% YoY Note: See page 10 in the Appendix for corresponding footnotes. N/M – not meaningful.

8 1Q25 vs. $mm, unless otherwise noted 1Q25 4Q24 1Q24 Investment management fees(a) $735 (7)% (4)% Performance fees 5 N/M N/M Distribution and servicing fees 68 — (3) Other fees(b) (75) N/M N/M Investment and other revenue(c) 5 N/M N/M Net interest income 41 (13) — Total revenue $779 (11)% (8)% Provision for credit losses 2 N/M N/M Noninterest expense(a) 714 2 (4) Income before income taxes $63 (64)% (41)% Total revenue by line of business: Investment Management(a) $505 (14)% (12)% Wealth Management 274 (5) 1 Total revenue $779 (11)% (8)% $bn, unless otherwise noted 1Q25 4Q24 1Q24 Pre-tax margin 8% 20% 13% Deposits (average) $10 $10 $11 Assets under management ("AUM")(d) $2,008 $2,029 $2,015 Long-term active strategies net flows $(2) $(20) $16 Index net flows (11) (7) (15) Short-term strategies net flows (5) 12 16 Total net flows $(18) (15) 17 Wealth Management Client assets(e) $327 $327 $309 Investment and Wealth Management Select Income Statement Data Key Performance Indicators Select Income Statement Data • Total revenue of $779mm down 8% YoY – Investment Management down 12% YoY, primarily reflecting the mix of AUM flows, the adjustment for certain rebates (offset in noninterest expense)(a), lower seed capital gains and lower equity investment income, partially offset by higher market values – Wealth Management up 1% YoY, primarily reflecting higher market values, partially offset by changes in product mix • Noninterest expense of $714mm down 4% YoY, primarily reflecting lower revenue-related expenses (including the adjustment for certain rebates(a) ) and efficiency savings, partially offset by higher investments • Income before income taxes of $63mm down 41% YoY • AUM of $2.0trn flat YoY, primarily reflecting higher market values, offset by cumulative net outflows • Wealth Management client assets of $327bn up 6% YoY, primarily reflecting higher market values and cumulative net inflows (a) Effective 1Q25, an adjustment for certain rebates, which were previously recorded as distribution and servicing expense, began to be reflected as a reduction of investment management fees. These amounts totaled approximately $20 million llllllfor both 1Q25 and 1Q24 and impacted the variances for investment management fees and related revenue subtotals, noninterest expense and Investment Management total revenue in the table above. Note: See page 10 in the Appendix for corresponding footnotes. N/M – not meaningful.

9 $mm, unless otherwise noted 1Q25 4Q24 1Q24 Fee revenue $(28) $(20) $(17) Investment and other revenue 62 9 47 Net interest (expense) (9) (8) (7) Total revenue $25 $(19) $23 Provision for credit losses 4 (4) 12 Noninterest expense 88 137 65 (Loss) before income taxes $(67) $(152) $(54) Other Segment Select Income Statement Data • 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 primarily reflecting net losses on sales of securities recorded in 4Q24 • Noninterest expense increased YoY, primarily reflecting higher staff expense; QoQ decrease primarily reflecting lower severance expense and the net impact of the adjustments to the FDIC special assessment Select Income Statement Data

10 Footnotes Page 4 – Capital and Liquidity (a) Regulatory capital and liquidity ratios for March 31, 2025 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, 2025, December 31, 2024 and March 31, 2024 was the Standardized Approach. Page 6 – Securities Services (a) Other fees primarily include financing-related fees. (b) March 31, 2025 information is preliminary. (c) Consists of AUC/A primarily from the Asset Servicing line of business and, to a lesser extent, the Issuer Services line of business. Includes the AUC/A of CIBC Mellon Trust Company (“CIBC Mellon”), a joint venture with the Canadian Imperial Bank of Commerce, of $1.9 trillion at March 31, 2025, $1.8 trillion at December 31, 2024 and $1.7 trillion at March 31, 2024. Page 7 – Market and Wealth Services (a) Other fees primarily include financing-related fees. (b) March 31, 2025 information is preliminary. (c) Consists of AUC/A from the Clearance and Collateral Management and Pershing lines of business. (d) Net new assets represent net flows of assets (e.g., net cash deposits and net securities transfers, including dividends and interest) in customer accounts in Pershing LLC, a U.S. broker-dealer. (e) The previously reported metric for the Clearance and Collateral Management line of business, Average tri-party collateral management balances, has been replaced with a new metric, Average collateral balances. Average collateral balances include all revenue-generating collateral balances, including the tri-party collateral management balances previously reported. The average collateral balances were $6,217 billion for full-year 2024, $6,343 billion for full-year 2023, $5,861 billion for full-year 2022, $4,657 billion for full-year 2021 and $3,966 billion for full-year 2020. Page 8 – Investment and Wealth Management (a) (b) Other fees primarily include investment services fees. (c) Investment and other revenue is net of income (loss) attributable to noncontrolling interests related to consolidated investment management funds. (d) March 31, 2025 information is preliminary. Represents assets managed in the Investment and Wealth Management business segment. (e) March 31, 2025 information is preliminary. Includes AUM and AUC/A in the Wealth Management line of business.

11 $mm 1Q25 4Q24 1Q24 Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,149 $1,130 $953 Add: Amortization of intangible assets 11 13 12 Less: Tax impact of amortization of intangible assets 3 3 3 Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets — Non-GAAP $1,157 $1,140 $962 Less: Disposal gain(a) 32 — — Less: Severance expense(b) (25) (103) (27) Less: Litigation reserves(b) (1) (37) (2) Less: FDIC special assessment(b) (5) 6 — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation, excluding amortization of intangible assets and notable items — Non-GAAP $1,156 $1,274 $991 Average common shareholders’ equity $36,980 $36,923 $35,905 Less: Average goodwill 16,615 16,515 16,238 Less: Average intangible assets 2,849 2,846 2,848 Add: Deferred tax liability – tax deductible goodwill 1,226 1,221 1,209 Add: Deferred tax liability – intangible assets 666 665 655 Average tangible common shareholders’ equity – Non-GAAP $19,408 $19,448 $18,683 Return on common equity(c) – GAAP 12.6% 12.2% 10.7% Adjusted return on common equity(c) – Non-GAAP 12.6% 13.6% 11.0% Return on tangible common equity(c) – Non-GAAP 24.2% 23.3% 20.7% Adjusted return on tangible common equity(c) – Non-GAAP 24.2% 26.1% 21.3% Return on Common Equity and Tangible Common Equity Reconciliation (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Returns are annualized.

12 Select Income Statement Data Reconciliation of Non-GAAP Measures – Impact of Notable Items 1Q25 vs. $mm, except per share amounts 1Q25 4Q24 1Q24 4Q24 1Q24 Total revenue – GAAP $4,792 $4,847 $4,527 (1)% 6% Less: Disposal gain(a) 40 — — Adjusted total revenue, ex-notables — Non-GAAP $4,752 $4,847 $4,527 (2)% 5% Noninterest expense – GAAP $3,252 $3,355 $3,176 (3)% 2% Less: Severance expense(b) 32 135 36 Less: Litigation reserves(b) 2 38 2 Less: FDIC special assessment(b) 6 (8) — Adjusted noninterest expense, ex-notables — Non-GAAP $3,212 $3,190 $3,138 1% 2% Net income applicable to common shareholders of The Bank of New York Mellon Corporation – GAAP $1,149 $1,130 $953 2% 21% Less: Disposal gain(a) 32 — — Less: Severance expense(b) (25) (103) (27) Less: Litigation reserves(b) (1) (37) (2) Less: FDIC special assessment(b) (5) 6 — Adjusted net income applicable to common shareholders of The Bank of New York Mellon Corporation — Non-GAAP $1,148 $1,264 $982 (9)% 17% Diluted earnings per share – GAAP $1.58 $1.54 $1.25 3% 26% Less: Disposal gain(a) 0.04 — — Less: Severance expense(b) (0.03) (0.14) (0.04) Less: Litigation reserves(b) — (0.05) — Less: FDIC special assessment(b) (0.01) 0.01 — Adjusted diluted earnings per share — Non-GAAP $1.58 $1.72 $1.29 (8)% 22% Operating leverage – GAAP(c) 194 bps 346 bps Adjusted operating leverage — Non-GAAP(c) (265) bps 261 bps Pre-tax operating margin – GAAP(d) 32% 30% 29% Adjusted pre-tax operating margin — Non-GAAP(d) 32% 34% 30% (a) Reflected in Investment and other revenue. (b) Severance expense is reflected in Staff expense, Litigation reserves in Other expense, and FDIC special assessment in Bank assessment charges, respectively. (c) Operating leverage is the rate of increase (decrease) in total revenue less the rate of increase (decrease) in total noninterest expense. (d) Income before taxes divided by total revenue. See the 1Q25 Earnings Release for additional information.

13 A number of statements in our presentations, the accompanying slides and the responses to questions on our conference call discussing our quarterly results may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about The Bank of New York Mellon Corporation’s (the “Corporation,” “we,” “us,” or “our”) capital plans including dividends and repurchases, total payout ratio, financial performance, fee revenue, net interest income, expenses, cost discipline, efficiency savings, operating leverage, pre-tax margin, capital ratios, organic growth, pipeline, deposits, interest rates and yield curves, securities portfolio, taxes, investments, including in technology and product development, innovation in products and services, artificial intelligence, digital assets, client experience, strategic priorities and initiatives, acquisitions, related integration and divestiture activity, transition to a platforms operating model, capabilities, resiliency, risk profile, human capital management and the effects of the current and near-term market and macroeconomic outlook on us, including on our business, operations, financial performance and prospects. Preliminary business metrics and regulatory capital ratios are subject to change, possibly materially as we complete our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Forward-looking 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,” “momentum,” “ambition,” “aspiration,” “objective,” “aim,” “future,” “potentially,” “outlook” and words of similar meaning may signify forward-looking statements. These statements are not guarantees of future results or occurrences, are inherently uncertain and are based upon current beliefs and expectations of future events, many of which are, by their nature, difficult to predict, outside of our control and subject to change. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results may differ, possibly materially, from the anticipated results expressed or implied in these forward-looking statements as a result of a number of important factors. These factors include: escalating tariff and other trade policies and the resulting impacts on market volatility and global trade, changing levels of inflation and the corresponding impacts on macroeconomic conditions, client behavior and our funding costs; liquidity and interest rate volatility; potential recessions or slowing of growth in the US, Europe and other regions; the impacts of continued hostilities in the Middle East; political uncertainty regarding operational and policy changes at U.S. government agencies; our ability to execute against our strategic initiatives; potential increased regulatory requirements and costs; and the risk factors and other uncertainties set forth in our Annual Report on Form 10-K for the year ended Dec. 31, 2024 (the “2024 Annual Report”) and our other filings with the Securities and Exchange Commission (the “SEC”). Forward-looking statements about the timing, profitability, benefits and other prospective aspects of business and expense initiatives, our financial outlook and our medium-term financial targets, and how they can be achieved, are based on our current expectations regarding our ability to execute against our strategic initiatives, as well as our balance sheet size and composition, and may change, possibly materially, from what is currently expected. Statements about our outlook on net interest income are subject to various factors, including interest rates, continued quantitative tightening, re-investment yields and the size, mix and duration of our balance sheet size, including with respect to deposits, loan balances and the securities portfolio. Statements about our outlook on fee revenue are subject to various factors, including market levels, client activity, our ability to win and onboard new business, lost business, pricing pressure and our ability to launch new products to, and expand relationships with, existing clients. Statements about our outlook on expenses are subject to various factors, including investments, revenue-related expenses, efficiency savings, merit increases, inflation and currency fluctuations. Statements about our medium-term financial targets at our business segments are similarly subject to the factors described above, but may be more significantly impacted by positive or negative events or trends that have a disproportionate impact on a particular business segment. Statements about our target Tier 1 leverage ratio and CET1 ratio are subject to various factors, including capital requirements, interest rates, capital levels, risk-weighted assets and the size of our balance sheet, including deposit levels. Statements about the timing, manner and amount of any future common stock dividends or repurchases, as well as our outlook on total payout ratio, are 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. Statements about our future effective tax rate are subject to various factors including, changes in the tax rates applicable to us, changes in our earnings mix, our profitability, the assumptions we have made in forecasting our expected tax rate, the interpretation or application of existing tax statutes and regulations, as well as any corporate tax legislation that may be enacted or any guidance that may be issued by the U.S. Internal Revenue Service. You should not place undue reliance on any forward-looking statement. All forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. Non-GAAP Measures. In this presentation, the accompanying slides and our responses to questions, we may discuss certain non-GAAP measures in detailing our 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 our management monitors financial performance. Additional disclosures relating to non-GAAP measures are contained in our reports filed with the SEC, including the 2024 Annual Report, the first quarter 2025 earnings release and the first quarter 2025 financial supplement, which are available at www.bny.com/investorrelations. Forward-Looking Non-GAAP Financial Measures. From time to time we may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for expenses excluding notable items and for return on tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. 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)
Depositary Shares, each representing a 1/4,000th interest in a share of Series K Noncumulative	BK PrK	New York Stock Exchange
Perpetual Preferred Stock


Exhibit
Number						Description

99.1						The Bank of New York Mellon Corporation Earnings Release dated April 11, 2025, announcing financial results for the first quarter of 2025.
						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 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 11, 2025, for the first quarter of 2025.
						The information included in Exhibit 99.2 shall be deemed “filed” for purposes of the Exchange Act.

99.3						First Quarter 2025 Quarterly Update Presentation dated April 11, 2025.
						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 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 11, 2025	By:	/s/ Jean Weng
	Name: Title:	Jean Weng Secretary