Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Bank Of New York Mellon / Equity Bottom-Up

<ul><li>Bank of New York Mellon Corporation, commonly known as BNY Mellon, reported a robust financial performance in its second quarter of 2025, highlighting significant progress in its strategic transformation.</li><li>The company's earnings per share rose by 27% year-over-year, reaching $1.93, with total quarterly revenue surpassing $5 billion for the first time, up 9% compared to the previous year.</li><li>This growth was driven by both increased fee revenue, which rose 7%, and net interest income, which increased by 17% due to favorable conditions in market volatility and trading volumes.</li></ul>

Bank of New York Mellon Corporation, commonly known as BNY Mellon, reported a robust financial performance in its second quarter of 2025, highlighting significant progress in its strategic transformation.The company's earnings per share rose by 27% year-over-year, reaching $1.93, with total quarterly revenue surpassing $5 billion for the first time, up 9% compared to the previous year.This growth was driven by both increased fee revenue, which rose 7%, and net interest income, which increased by 17% due to favorable conditions in market volatility and trading volumes.

Bank of New York Mellon Inside: How AI, Digital Assets, & Client Strategy Could Shape 2026 & Beyond!

<ul><li>BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial metrics.</li><li>The company achieved an Earnings Per Share (EPS) of $1.58, marking a 26% increase from the previous year on a reported basis, and 22% when excluding notable items.</li><li>Total revenue rose by 6% to $4.8 billion, underpinned by a 3% increase in fee revenue and an 11% growth in net interest income.</li></ul>

BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial metrics.The company achieved an Earnings Per Share (EPS) of $1.58, marking a 26% increase from the previous year on a reported basis, and 22% when excluding notable items.Total revenue rose by 6% to $4.8 billion, underpinned by a 3% increase in fee revenue and an 11% growth in net interest income.

BNY Mellon: Reinventing Income Strategy with High-Beta Deposits & NII Resilience!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market</li>
<li>Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks</li>
<li>CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital</li>
</ul>


US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market
Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks
CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital


US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

<ul><li>Bank of New York Mellon's (BNY) recent financial performance demonstrates notable achievements while also revealing areas that require attention.</li><li>In 2024, the company reported record-breaking revenue and net income, with revenue reaching $18.6 billion, a 5% increase year-over-year, and net income climbing to $4.3 billion.</li><li>These figures correspond to a strong return on tangible common equity of 23%.</li></ul>

Bank of New York Mellon's (BNY) recent financial performance demonstrates notable achievements while also revealing areas that require attention.In 2024, the company reported record-breaking revenue and net income, with revenue reaching $18.6 billion, a 5% increase year-over-year, and net income climbing to $4.3 billion.These figures correspond to a strong return on tangible common equity of 23%.

Could BNY Mellon’s Pershing Platform Be the Key to Outsized Returns In 2025? - Major Drivers

<ul>
<li>New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November</li>
<li>There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22</li>
<li>Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand</li>
</ul>


New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November
There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22
Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand


US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

United States

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides asset and wealth management, asset servicing, issuer, clearing, and treasury services for institutions, corporations, and high net worth individuals.

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Bank Of New York Mellon (BK US)

Bank of New York Mellon Inside: How AI, Digital Assets, & Client Strategy Could Shape 2026 & Beyond!

Bank of New York Mellon Corporation, commonly known as BNY Mellon, reported a robust financial performance in its second quarter of 2025,...

Baptista Research

BNY Mellon: Reinventing Income Strategy with High-Beta Deposits & NII Resilience!

BNY Mellon reported robust financial results for the first quarter of 2025, showcasing significant year-over-year growth across key financial...

Baptista Research

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

Could BNY Mellon’s Pershing Platform Be the Key to Outsized Returns In 2025? - Major Drivers

Bank of New York Mellon's (BNY) recent financial performance demonstrates notable achievements while also revealing areas that require...

Baptista Research

US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

New weekly data from the Fed shows loans accelerating for US banks and with loan loss reserves still stable, suggesting strong credit market, overall.

Daniel Tabbush

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