Bank of New York Mellon Corp 10-Q form for quarterly period ended 2024-06-30, page 49: 
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|---:|:---------------------------------------------------------------|
|  1 | Item 1. Financial Statements                                   |
|  2 | The Bank of New York Mellon Corporation (and its subsidiaries) |


Consolidated Income Statement (unaudited)

|    |                                                                                                           |               |                |               |    |               |               |    |        |       |    |       |    |       |
|---:|:----------------------------------------------------------------------------------------------------------|:--------------|:---------------|:--------------|:---|:--------------|:--------------|:---|:-------|:------|:---|:------|:---|:------|
|  1 |                                                                                                           | Quarter ended |                | Year-to-date  |    |               |               |    |        |       |    |       |    |       |
|  2 |                                                                                                           | June 30, 2024 | March 31, 2024 | June 30, 2023 |    | June 30, 2024 | June 30, 2023 |    |        |       |    |       |    |       |
|  3 | (in millions)                                                                                             |               |                |               |    |               |               |    |        |       |    |       |    |       |
|  4 | Fee and other revenue                                                                                     |               |                |               |    |               |               |    |        |       |    |       |    |       |
|  5 | Investment services fees                                                                                  | $             | 2,359          |               | $  | 2,278         |               | $  | 2,252  |       | $  | 4,637 | $  | 4,371 |
|  6 | Investment management and performance fees                                                                | 761           |                | 776           |    | 762           |               |    | 1,537  | 1,538 |    |       |    |       |
|  7 | Foreign exchange revenue                                                                                  | 184           |                | 152           |    | 158           |               |    | 336    | 334   |    |       |    |       |
|  8 | Financing-related fees                                                                                    | 53            |                | 57            |    | 50            |               |    | 110    | 102   |    |       |    |       |
|  9 | Distribution and servicing fees                                                                           | 41            |                | 42            |    | 35            |               |    | 83     | 68    |    |       |    |       |
| 10 | Total fee revenue                                                                                         | 3,398         |                | 3,305         |    | 3,257         |               |    | 6,703  | 6,413 |    |       |    |       |
| 11 | Investment and other revenue (a)                                                                          | 169           |                | 182           |    | 147           |               |    | 351    | 278   |    |       |    |       |
| 12 | Total fee and other revenue (a)                                                                           | 3,567         |                | 3,487         |    | 3,404         |               |    | 7,054  | 6,691 |    |       |    |       |
| 13 | Net interest income                                                                                       |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 14 | Interest income                                                                                           | 6,392         |                | 6,096         |    | 5,224         |               |    | 12,488 | 9,166 |    |       |    |       |
| 15 | Interest expense                                                                                          | 5,362         |                | 5,056         |    | 4,124         |               |    | 10,418 | 6,938 |    |       |    |       |
| 16 | Net interest income                                                                                       | 1,030         |                | 1,040         |    | 1,100         |               |    | 2,070  | 2,228 |    |       |    |       |
| 17 | Total revenue (a)                                                                                         | 4,597         |                | 4,527         |    | 4,504         |               |    | 9,124  | 8,919 |    |       |    |       |
| 18 | Provision for credit losses                                                                               | -             |                | 27            |    | 5             |               |    | 27     | 32    |    |       |    |       |
| 19 | Noninterest expense                                                                                       |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 20 | Staff                                                                                                     | 1,720         |                | 1,857         |    | 1,718         |               |    | 3,577  | 3,509 |    |       |    |       |
| 21 | Software and equipment                                                                                    | 476           |                | 475           |    | 450           |               |    | 951    | 879   |    |       |    |       |
| 22 | Professional, legal and other purchased services                                                          | 374           |                | 349           |    | 378           |               |    | 723    | 753   |    |       |    |       |
| 23 | Net occupancy                                                                                             | 134           |                | 124           |    | 121           |               |    | 258    | 240   |    |       |    |       |
| 24 | Sub-custodian and clearing                                                                                | 134           |                | 119           |    | 119           |               |    | 253    | 237   |    |       |    |       |
| 25 | Distribution and servicing                                                                                | 88            |                | 96            |    | 93            |               |    | 184    | 178   |    |       |    |       |
| 26 | Business development                                                                                      | 50            |                | 36            |    | 47            |               |    | 86     | 86    |    |       |    |       |
| 27 | Bank assessment charges                                                                                   | (7)           |                | 17            |    | 41            |               |    | 10     | 81    |    |       |    |       |
| 29 | Amortization of intangible assets                                                                         | 13            |                | 12            |    | 14            |               |    | 25     | 28    |    |       |    |       |
| 30 | Other                                                                                                     | 88            |                | 91            |    | 130           |               |    | 179    | 220   |    |       |    |       |
| 31 | Total noninterest expense                                                                                 | 3,070         |                | 3,176         |    | 3,111         |               |    | 6,246  | 6,211 |    |       |    |       |
| 32 | Income                                                                                                    |               |                |               |    |               |               |    |        |       |    |       |    |       |
| 33 | Income before income taxes (a)                                                                            | 1,527         |                | 1,324         |    | 1,388         |               |    | 2,851  | 2,676 |    |       |    |       |
| 34 | Provision for income taxes (a)                                                                            | 357           |                | 297           |    | 315           |               |    | 654    | 621   |    |       |    |       |
| 35 | Net income (a)                                                                                            | 1,170         |                | 1,027         |    | 1,073         |               |    | 2,197  | 2,055 |    |       |    |       |
| 36 | Net (income) attributable to noncontrolling interests related to consolidated investment management funds | (2)           |                | (2)           |    | (1)           |               |    | (4)    | (1)   |    |       |    |       |
| 37 | Net income applicable to shareholders of The Bank of New York Mellon Corporation (a)                      | 1,168         |                | 1,025         |    | 1,072         |               |    | 2,193  | 2,054 |    |       |    |       |
| 38 | Preferred stock dividends                                                                                 | (25)          |                | (72)          |    | (36)          |               |    | (97)   | (107) |    |       |    |       |
| 39 | Net income applicable to common shareholders of The Bank of New York Mellon Corporation (a)               | $             | 1,143          |               | $  | 953           |               | $  | 1,036  |       | $  | 2,096 | $  | 1,947 |
(a)    Results for the quarter ended June 30, 2023 and the six months ended June 30, 2023 were restated to reflect the retrospective application of adopting new accounting guidance in the first quarter of 2024 related to our investments in renewable energy projects using the proportional amortization method (ASU 2023-02). See Note 2 of the Notes to Consolidated Financial Statements for additional information.

BNY 49







Question: What was the change in net interest income for Bank of New York Mellon for the three months ended June 30, 2024, compared to the same period in 2023?
Answer: Bank of New York Mellon's net interest income decreased from $1,100 million in Q2 2023 to $1,030 million in Q2 2024, representing a decrease of approximately 6.4%.