Q2 2025 Earnings Summary
Metric | YoY Change | Reason |
---|---|---|
Total Revenue | 9.4% (increased from $4,595 million to $5,028 million) | Total revenue grew robustly due to strong fee revenue contributions across the business, supported by increased market values and net new business. The current level builds on previous period performance that already showed growth above a 5% threshold, with an improvement to $5,028 million. |
Securities Services Revenue | Combined fee and other revenue of $758 million plus $41 million in net interest income (totaling $801 million) | Securities Services continued its consistent performance by building on prior trends in fee generation. The segment’s steady contribution reflects enhancements in client activity and investment services fees that have been a strength in earlier periods. |
Market and Wealth Services Revenue | Fee Revenue of $3,641 million and Investment and Other Revenue of $184 million | Market and Wealth Services delivered strong results driven by elevated client engagement and higher market values. The current figures demonstrate an improvement over previous periods, where net new business and operational momentum have contributed to robust fee and investment revenue. |
Metric | Period | Previous Guidance | Current Guidance | Change |
---|---|---|---|---|
Net Interest Income (NII) | FY 2025 | up mid-single-digit percentage points year-over-year | up high single-digit percentage points year-over-year | raised |
Fee Revenue Growth | FY 2025 | Some growth expected, although market-dependent | Solid fee revenue growth expected, market-dependent | raised |
Expenses | FY 2025 | Expected to grow approximately 1% to 2% year-over-year, excluding notable items | Expected to grow approximately 3% year-over-year, excluding notable items | raised |
Effective Tax Rate | FY 2025 | Expected in the range of 22% to 23% | Expected in the range of 22% to 23% | no change |
Capital Returns/Return of Earnings | FY 2025 | Expected to return approximately 100% plus or minus of 2025 earnings | Expected to return roughly 100% (+/-) of FY 2025 earnings | no change |
Research analysts covering Bank of New York Mellon.