BNY Mellon posts higher Q2 profit on strong client activity

BNY Mellon posted higher second-quarter profit on strong client activity, with revenue rising 13% year over year to $5.7 billion and diluted earnings per share increasing 27% to $2.45.

Net income applicable to common shareholders was $1.696 billion. Net interest income came in at $1.45 billion, fee revenue at $4.04 billion, and the company’s CET1 capital ratio was 11.00%.

The current average analyst rating on the shares is buy, with 11 strong buy or buy ratings, 6 hold ratings, and no sell or strong sell ratings.

Wall Street's median 12-month price target for Bank of New York Mellon Corp is $160.00, about 3.6% above its July 14 closing price of $154.50. The stock recently traded at 16 times next 12-month earnings, versus a P/E of 14 three months ago.

The US custody bank said revenue growth was driven by increases across .