BNY lifts 2026 revenue forecast above estimates after record second quarter

The custodian bank's net interest income (NII) - the spread between earnings from assets and costs on liabilities - surged 20% in the second quarter. Its revenue jumped 13% to a record $5.7 billion.

BNY now expects full-year revenue to grow between 10% and 11% versus its prior outlook of about 5%. Analysts on average were expecting 7.8%, according to estimates compiled by LSEG.

BNY's assets under custody and administration climbed 12% in the quarter to $62.6 trillion. Its assets under management increased 6% to $2.2 trillion.

"We'll see what happens with the rest of this quarter's corporate earnings, because we're just at the beginning of that cycle, but if they do come out strong and they are expected to, then that supports valuations in a pretty significant way," Vince said.

"So there's plenty of room probably under that scenario for the stock market."