BNY Reports First Quarter 2025 Earnings Per Common Share of $1.58 (Form 8-K)

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)

(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.