Bank of New York Mellon Non-GAAP EPS of $1.21 Beats By $0.13, Revenue of $4.28B Beats By $80M
Seeking Alpha2022-10-17
- Bank of New York Mellon(NYSE:BK) Q2 Non-GAAP EPS of $1.21beats by $0.13.
- 3Q22 results include $(664) million, or $(0.81) per share, primarily related to impairment of goodwill associated with the Investment Management reporting unit, which was driven by lower market values and a higher discount rate. This goodwill impairment represents a non-cash charge and did not affect BNY Mellon’s liquidity position, tangible common equity or regulatory capital ratios.
- Revenue of $4.28B (+5.9% Y/Y)beats by $80M.
- Net interest revenue increased 44%. Fee revenue decreased 1%
- AUC/A of $42.2 trillion, decreased 7%, primarily market impact
- AUM of $1.8 trillion, decreased 23%, primarily market impact
- Provision for credit losses was a benefit of $30 million, primarily reflecting reserve releases related to cash balances with exposure to Russia and a modest benefit from our commercial real estate portfolio.
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