BNY Mellon CFO backs view of 20% year-over-year growth in net interest revenue

BNY Mellon CFO Dermot McDonogh stated on the company’s Q1 call, according to a transcript: "I’ll close with a few comments on how we’re currently thinking about our financial outlook for the year, which in short remains basically unchanged. From our earnings call in January, you will recall that based on March implied forward interest rates at the end of last year, we projected an approximately 20% year-over-year increase in net interest revenue for the full year ’23… We have positioned ourselves for continued interest rate volatility and retain ample flexibility and liquidity to respond to a wide range of outcomes as the ultimate impact of continued tightening remains uncertain. We’re off to a good start in the first quarter. And based on March implied forward interest rates at the end of March, we still believe our outlook for 20% year-over-year growth in net interest revenue is realistic with some skew to the upside. We also still expect expenses, excluding notable items, to be up 4% year-over-year, assuming foreign exchange rates at the end of last year or by approximately 4.5% on a constant currency basis… Finally, as we calibrate the amount and pace of our continuing share repurchases in the weeks and months ahead, we will be mindful of the continued uncertainty in the operating environment, especially as it relates to the uncertain path of interest rates and so we’re planning to maintain our current more conservative capital buffers for the time being."