The Bank of New York Mellon Corporation (NYSE:BK) reported second quarter 2020 earnings results today.
Revenues increased 2% year-over-year to $4 billion, driven by a 2% increase in fee revenue.
Net income applicable to common shareholders decreased 7% to $901 million. Diluted EPS remained flat versus the prior-year quarter at $1.01.
Net interest revenue fell 3%, mainly reflecting lower interest rates on interest-earning assets, partially offset by the benefit of lower deposit and funding rates and higher deposits, securities portfolio and loans.
Provision for credit losses amounted to $143 million, primarily reflecting increased downgrades and the continuation of the challenging macroeconomic outlook.
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