• 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.