BNY - 2Q26 Call - 4 TruTakes

Research evidence excerpt

BNY - 2Q26 Call - 4 TruTakes

Truist Securities

Equity Research Report July 15, 2026

FINANCIALS: Trust Banks & Capital The Bank of New York Mellon Corporation

Markets (BNY)

David Smith BNY - 2Q26 Call - 4 TruTakes 212-319-3623

David.Smith@truist.com

BNY wrapped up its 2Q earnings call a short while ago, with many questions on the scope

Nick Moutafakis, CFA for continued profitability improvement as the company is already surpassing recently-set

212-590-0902 medium-term targets. Our takeaway from the call is that the revised guidance (with no upside Nick.Moutafakis@truist.com

to 3Q/4Q consensus after a very strong 2Q) is very likely another conservative outlook from

the company given the signs pointing to continued momentum into the second half. The

stock is up ~3% after the call, outperforming the BKX by ~2 points or so, similar to the level

Current Price (Jul. 14, $154.50 throughout the morning. 2026)

OUTLOOK: The revenue outlook for 10-11% YoY growth includes 12-13% for NII, which

Stock Rating BUY would imply 9-10% or so for fees. Note that at the midpoint this suggests (1.5)-(2)% downside

Unchanged for NII in 3Q/4Q, but a similar amount of upside for fee revenues in the second half. The

primary driver of the expense outlook increase to 6-7% from 4% is higher revenue related

Price Target $160.00 expenses. The CFO noted that 2Q tends to be BNY's strongest quarter seasonally, and this

Unchanged quarter had a particularly strong backdrop on top of that; moreover, 3Q last year didn't see

the typical seasonal slowdown, making for a tougher comp (particularly for NII/deposits was

our interpretation). Along with the current forward curve, the outlook assumes market levels

stay where they are today, so rising markets should offer further upside.

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