BNY 2Q26 - Quick Take - At The 30/40 Club, CNBC On The Screen

研报英文原文证据摘录

BNY 2Q26 - Quick Take - At The 30/40 Club, CNBC On The Screen

2H rise ~1%

Reasons for this report or so, and ~3% at the high end. So in theory perhaps the midpoints point to ~(2)% downside to Street estimates, but our read is this is another conservative guide from BNY given the

strength of the print. We come out around ~$9.25 for 2026 at first reckoning. ✓ First Look Post Earnings

NII: NII of $1.446bn was up +6% QoQ from a record 1Q26 and a +5% beat to consensus.

Deposits were relatively stable off a very strong 1Q level, with average NIBs roughly flat

and average IBDs down (1.6%) QoQ. NIM expanded +7bps QoQ to 1.45%, a +5bps beat

to the street.

FEES: Fees of $4.04bn were 5% better than consensus, growing 7% sequentially and 11%

YoY. Investment services fees and FX trading were both well ahead of Street expectations,

though investment management fees were a bit soft. Issuer services fees of $463mn were

particularly strong and $100mn or so above expectations. Investment & other revenues were

also ~$50mn above consensus, driving noninterest income up further. Note also BNY flexed

~4.5% of organic growth for 1H26 in its business update slide.

EXPENSES: Expenses were $3.44bn, or $3.43bn adjusted, 3% above Street expectations.

This was +1% higher than 1Q26 and 7% YoY growth. Staff costs appear to be benefiting

from BNY's shift to its platform operating model, as these were (3)% better than consensus.

However, for now these are driving costs in other areas, with software/equipment and

professional services both mid-single-digits above/worse than consensus. There was also

a surprise uptick in occupancy off of a 1Q that was already high. Still, with 600bp of positive

operating leverage, it is hard to fault BNY for spending money to make money.