The group reported a mixed set of results in its wealth management, wealth services and investment business. Total assets under custody/administration stood at a colossal $46.9 trillion.

BNY Mellon this week reported a 22 per cent year-on-year rise in its second-quarter 2023 net income applicable to common shareholders, standing at $1.03 billion. 

Net interest revenue rose by 33 per cent, but fee revenue fell 2 per cent on a year ago. Total non-interest costs held steady at $3.1 billion.

Assets under custody/administration rose 9 per cent, standing at $46.9 trillion. Assets under management, however, slipped by 2 per cent to $1.9 trillion, the New York-headquartered financial group said in a statement. 

Within the market and wealth services segment, total revenue rose 10 per cent, while pre-tax income rose 8 per cent; there was a pre-tax operating margin of 46 per cent. 

On the investment and wealth management side, pre-tax income fell 38 per cent. Total fee revenue fell 10 per cent. Some $7 million was set aside as a provision from credit losses in Q2 2023, against a “not-meaningful” amount a year earlier. Net interest revenue slid by 37 per cent year-on-year.

Within wealth management specifically, revenue fell 10 per cent on a year ago to $267 million.

“Following the release of the Federal Reserve’s 2023 bank stress test last month, we increased our common dividend by 14 per cent starting this quarter, and our overall approach to maintaining a high-quality, resilient balance sheet and returning capital to shareholders remains unchanged,” Robin Vince, president and CEO, said.