The Bank of New York Mellon(BK)2025-01-15 11:30Financial Performance - Fee and other revenue for Q4 2024 was $3,653 million, a 1% increase from Q3 2024 and a 12% increase from Q4 2023[4] - Net interest income for Q4 2024 was $1,194 million, reflecting a 14% increase from Q3 2024[4] - Total revenue for Q4 2024 reached $4,847 million, up 4% from Q3 2024 and 11% from Q4 2023[4] - Net income for Q4 2024 was $1,157 million, a decrease of 3% from Q3 2024 but a significant increase of 462% from Q4 2023[4] - Diluted earnings per common share for Q4 2024 was $1.54, a 3% increase from Q3 2024 and a 633% increase from Q4 2023[4] - Total revenue for Q4 2024 was $4,847 million, an increase of 4% compared to Q3 2024 and 11% compared to Q4 2023[7] - Net income for Q4 2024 reached $1,157 million, reflecting a 38% increase year-over-year from $206 million in Q4 2023[7] - Earnings per common share (diluted) for Q4 2024 was $1.54, a 3% increase from $1.50 in Q3 2024 and a 633% increase from $0.21 in Q4 2023[7] - Total revenue for Q4 2024 was $2,324 million, representing a 5% increase from Q3 2024 and a 7% increase from Q4 2023[15] - Total revenue for Q4 2024 was $873 million, reflecting a 3% increase from Q3 2024 and a 29% increase from Q4 2023[23] Assets and Liabilities - Assets under management (AUM) decreased to $2.03 trillion in Q4 2024, down 5% from Q3 2024[4] - Total assets decreased to $416,064 million as of December 31, 2024, down from $427,461 million at the end of Q3 2024[8] - Deposits decreased to $289,524 million in Q4 2024, down from $296,438 million in Q3 2024[8] - Average loans for Q4 2024 are $11,553 million, a 4% increase compared to Q3 2024[17] - Average loans for FY24 were $41,533 million, an 11% increase compared to FY23[21] - Average loans for FY24 were $13,610 million, showing a 1% decrease compared to FY23[23] - Total assets under management (AUM) decreased by 5% from Q3 2024 to $2,029 billion, but increased by 3% year-over-year[27] - Wealth Management client assets decreased by 2% quarter-over-quarter to $327 billion, but increased by 5% year-over-year[27] Expenses and Profitability - Total noninterest expense increased to $3,355 million in Q4 2024, an 8% increase from Q3 2024[7] - Noninterest expense for Q4 2024 is $1,666 million, a 7% increase from Q3 2024[15] - Noninterest expense for Q4 2024 was $700 million, a 4% increase from Q3 2024[23] - The pre-tax operating margin for Q4 2024 is 28%, unchanged from Q3 2024[15] - The pre-tax operating margin for Q4 2024 was 20%, down from 21% in Q3 2024[23] Capital and Ratios - The common equity tier 1 (CET1) ratio was 11.2% at the end of Q4 2024, down from 11.9% in Q3 2024[4] - CET1 capital as of December 31, 2024, is $18,754 million, down from $19,687 million in the previous quarter[14] - The total capital ratio under the Standardized Approach is 14.8% as of December 31, 2024, compared to 15.6% in the previous quarter[14] - The average liquidity coverage ratio is 115% for Q4 2024, slightly down from 116% in Q3 2024[14] Market Performance - The market capitalization increased to $55,139 million at the end of Q4 2024, compared to $52,248 million at the end of Q3 2024[4] - The market value of securities on loan at period end is $488 billion, an increase of 8% from Q4 2023[17] Revenue Sources - Investment services fees increased by 4% quarter-over-quarter and 9% year-over-year, totaling $2,438 million in Q4 2024[7] - Total investment management and performance fees for Q4 2024 were $808 million, up 2% from Q3 2024 and 9% from Q4 2023[9] - Foreign exchange revenue in Q4 2024 was $177 million, a 1% increase from Q3 2024 and a 24% increase from Q4 2023[9] - Total investment services fees for Q4 2024 are $1,337 million, a 6% increase year-over-year[15] - Investment management fees increased by 1% quarter-over-quarter and 9% year-over-year, totaling $789 million in Q4 2024[23] Shareholder Information - The company reported a common dividend payout ratio of 31% for Q4 2024, slightly down from 32% in Q3 2024[4] - BNY shareholders' equity at period end decreased to $41,318 million in Q4 2024 from $41,992 million in Q3 2024, a decline of 1.6%[43] - Tangible common shareholders' equity at period end was $19,412 million in Q4 2024, down from $20,363 million in Q3 2024, representing a decrease of 4.7%[43] Credit Losses - The provision for credit losses was $20 million in Q4 2024, a significant decrease from $84 million in Q4 2023[7] - The allowance for credit losses at the end of the period was $392 million, down from $401 million in the previous quarter, with loan losses as a percentage of total loans at 0.41%[35] - The total allowance for credit losses at the beginning of the period was $401 million, with a provision for credit losses of $20 million in Q4 2024[35] - The net charge-offs for Q4 2024 were $(29) million, compared to $(18) million in Q3 2024[35]