Bank of New York Mellon Corp

BK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$67.00	Nwd	Srybfvbsb

BNY Earnings: Net Interest Income Guidance Unchanged Despite Strong Quarter

Rajiv Bhatia

Jul 12, 2024

Bank of New York Mellon reported a good second quarter, in our view. Fee revenue is benefiting from market appreciation and client activity. Net interest income was healthy, but BNY maintained its outlook for net interest income to decline 10% in 2024 versus 2023. We believe this may prove conservative. We will maintain our wide moat rating and $60 fair value estimate.

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