Continuing our coverage of the fourth-quarter 2024 results season in wealth management and banking, here are the figures for BNY.

The market and wealth services arm of BNY logged a 28 per cent year-on-year rise in pre-tax income in the fourth quarter of 2024, reaching $806 million, the US-headquartered institution has announced. This was driven by a rise in total venue from $1.496 billion to $1.667 billion. 

Noninterest expense rose slightly on a year ago, to $852 million in Q4 2024, BNY said in a statement last week. 

Within its business lines, the Pershing business reported a 5 per cent rise in total revenue to $705 million. The rise in Pershing’s revenue stemmed from higher market values and client activity, partly offset by a drop in net interest income. 

Inside its securities services business segments, total investment services fees rose 6 per cent year-on-year to $1.34 billion. Pre-tax income surged 39 per cent to $643 million. 

At the end of 2024, assets under custody/administration stood at $37.7 trillion, a rise of 10 per cent from the end of 2023.

At the investment and wealth management business segment, investment management fees rose 9 per cent to $789 million; performance fees stood at $20 million, from $19 million a year before. Total revenue rose 29 per cent year-on-year to $873 million. Total assets under management rose 3 per cent at the end of December 2024 to $2.029 trillion.

At the end of 2024, there was a Common Equity Tier 1 ratio of 11.2 per cent, down from 11.5 per cent a year before.