AI English summary of an SEC filing — figures as filed
BNY Mellon BNYBNY Mellon said net income applicable to common shareholders for Q1 2024 was $953 million, or $1.25 per diluted common share, including the impact of notable items. Excluding notable items, which include severance expense and litigation reserves, net income applicable to common shareholders was $982 million (Non-GAAP), or $1.29 (Non-GAAP) per diluted common share.
Key points
AI summaryBNY Mellon said net income applicable to common shareholders for Q1 2024 was $953 million, or $1.25 per diluted common share, including the impact of notable items. Excluding notable items, which include severance expense and litigation reserves, net income applicable to common shareholders was $982 million (Non-GAAP), or $1.29 (Non-GAAP) per diluted common share.
The company said fee revenue for Q1 2023 rose 5% from the year-earlier quarter, citing higher market values and higher client activity. Net interest income fell 8%, and the company attributed the decline mainly to changes in balance sheet mix.
The company said noninterest expense rose 2% in Q1 2024 compared with Q1 2023 (1% excluding notable items, Non-GAAP). Provision for credit losses was $27 million, and the company cited reserve increases related to commercial real estate exposure as the main factor.
The company said its CET1 ratio was 10.8% under the Standardized Approach as of March 31, 2024, and 11.5% under the Advanced Approaches as of December 31, 2023. It also returned $1.3 billion to common shareholders, including $988 million of common share repurchases.
Key figures
Quarter ended March 31, 2024
- Revenue
- $6.1B
- Net income
- $1.0B
- EPS
- $1.25
- Operating cash flow
- −$2.7B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
BNY Mellon Reports Q1 Net Income Applicable to Common Shareholders
BNY Mellon said net income applicable to common shareholders for Q1 2024 was $953 million, or $1.25 per diluted common share, including the impact of notable items. Excluding notable items, which include severance expense and litigation reserves, net income applicable to common shareholders was $982 million (Non-GAAP), or $1.29 (Non-GAAP) per diluted common share.
Source · Based on the MD&A text of the filing
Fee Revenue and Net Interest Income Changes
The company said fee revenue for Q1 2023 rose 5% from the year-earlier quarter, citing higher market values and higher client activity. Net interest income fell 8%, and the company attributed the decline mainly to changes in balance sheet mix.
Source · Based on the MD&A text of the filing
Noninterest Expense and Credit Loss Provision
The company said noninterest expense rose 2% in Q1 2024 compared with Q1 2023 (1% excluding notable items, Non-GAAP). Provision for credit losses was $27 million, and the company cited reserve increases related to commercial real estate exposure as the main factor.
Source · Based on the MD&A text of the filing
Capital Ratios and Shareholder Returns
The company said its CET1 ratio was 10.8% under the Standardized Approach as of March 31, 2024, and 11.5% under the Advanced Approaches as of December 31, 2023. It also returned $1.3 billion to common shareholders, including $988 million of common share repurchases.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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