The Bank of New York Mellon reported strong second-quarter results, surpassing estimates with earnings per share of $1.93 and revenue of $5.03 billion, up 9% from last year. CEO Robin Vince did not confirm rumors of a potential merger with Northern Trust, emphasizing focus on organic growth and high standards for any acquisition.

BNY’s net income for the quarter was $1.44 billion, a 23% increase from last year. The bank outperformed State Street Corp., whose earnings per share missed estimates. BNY attributed its revenue growth to increases in fee revenue and net interest income, driven by higher yields on investment securities.

Under Vince’s leadership, BNY has undergone a reorganization into a “platforms operating model,” resulting in improved performance and strategic success. Vince highlighted the positive impact of this transformation during the earnings call, emphasizing the bank’s commitment to unlocking further opportunities.

BNY has been an early adopter of new financial technologies, launching a product for direct custody of cryptocurrencies in 2022. Despite initial regulatory challenges, recent developments have created a more favorable environment for digital assets. BNY announced plans to take custody of stablecoins issued by Ripple, signaling a long-term commitment to the digital assets space.

Read more at Yahoo Finance: BNY beats estimates, stays mum on merger rumors