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BNY Mellon grew its core custody and wealth management businesses while tamping down operating expenses, resulting in solid second-quarter increases in revenue and net income.

The nation’s oldest bank reported record revenue of $4.6 billion for the quarter ending June 30. Net income of $1.17 billion rose 9% from the same period in 2023.

The world’s largest custodian, BNY reported assets under custody or administration totaling $49.5 trillion on June 30, while assets under administration eclipsed $2 trillion. Both figures represented strong year-over-year increases – 6% and 7% respectively – pushing quarterly fee income to a record $3.4 billion. 

On the expense side, the $428.5 billion-asset BNY reported noninterest expenses of $3.07 billion for the three months ending June 30. That total was down 1% year-over-year and marked just the second time in eight quarters that operating expenses came in below the $3.1 billion threshold. 

“As highlighted in our improved financial performance to-date, we are starting to demonstrate the power of BNY’s franchise to our clients and shareholders, and we remain in execution mode to unlock the company’s full potential,” CEO Robin Vince said Friday in a press release.