Private Market revenue increased 11% year-over-year to $148 million.
Private markets revenue showed strong growth, led by private credit within Ratings.
Ratings revenue increased 1% year-over-year, with transaction revenue down 4% and non-transaction revenue up 8%.
Ratings revenue increased 1% year-over-year, with transaction revenue down 4% but non-transaction revenue up 8%.
Revenue increased 6% year-over-year in the second quarter, with subscription revenue increasing 7%.
S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%.
S&P Dow Jones Indices revenue increased 15%, driven by Asset-Linked Fees up 17% and Exchange-Traded Derivatives revenue up 15%; operating margin improved 60 basis points to 71.3%.
S&P Global reported 6% year-over-year revenue growth in Q2 2025, with subscription revenue up 7%.
Trailing 12-month margin expanded by 150 basis points driven by disciplined expense management and strategic investments.
Trailing 12-month margin expansion of 150 basis points was delivered through strategic investments and disciplined expense management.
Adjusted noninterest expense decreased $12 million versus prior year to $521 million, reflecting seasonality and lower technology costs, but increased 3% year-over-year due to higher incentive compensation.
Average loans grew 5.6% annualized quarter-over-quarter and 3.7% year-over-year, with average deposits up 0.5% year-over-year but down 1.4% annualized quarter-over-quarter.
Common Equity Tier 1 ratio was 11%, with tangible book value per share growing 20% year-over-year.
Credit quality remained strong with net charge-offs at $10 million (7 bps annualized), nonperforming assets at 0.51% of loans, and allowance for credit losses at 1.2% of loans.
Diluted earnings per share was $1.63, up from $1.13 in the prior period and $1.28 year-over-year, including a $0.05 per share benefit from an SBIC portfolio investment.
Net earnings for Q2 2025 were $243 million, a 28% increase year-over-year and 44% increase quarter-over-quarter.
Net interest margin expanded for the sixth consecutive quarter to 3.17%, driven by lower funding costs and improved earning asset mix.
Noninterest income increased 4% quarter-over-quarter and 7% year-over-year, led by capital markets activity and customer-related fees.
Classified loans declined $24.4 million or 5.1%; nonperforming loans declined modestly; criticized loans increased $176.9 million or 17.2%, mainly due to slower lease-up in multifamily loans.
Common equity Tier 1 capital ratio improved 90 basis points to 13.43%.
Deposits declined $102.2 million sequentially, approximately flat year-over-year adjusted for a large temporary deposit in Q2 2024.
Dividend declared of $0.47 per share, yielding 7.0%.
Interest-bearing deposit costs declined 1 basis point; total funding costs declined 9 basis points due to mix shift.
Loans held for investment declined $1 billion, including $338 million moved to held-for-sale related to branch transaction, $74 million sold with credit card outsourcing, and $73 million amortization of indirect lending portfolio.
Net charge-offs were $5.8 million or 14 basis points annualized; provision expense reduced by $0.3 million.
Net income for Q2 2025 was $71.7 million or $0.69 per diluted share, up from $50.2 million or $0.49 per diluted share in Q1 2025.
Net interest income increased by $2.2 million to $207.2 million, driven by reduced interest expense and lower average loan balances.
Net interest margin was 3.32% fully tax equivalent, or 3.26% excluding purchase accounting accretion, up 12 basis points from prior quarter.
Noninterest expense declined $5.5 million to $155.1 million due to lower seasonal payroll taxes and incentive compensation estimates, partially offset by $1.5 million in property valuation and lease termination fees.
Noninterest income was $41.1 million, down $0.9 million sequentially, including a $7.3 million valuation allowance and a $4.3 million gain on sale from credit card outsourcing.
Other borrowed funds declined to $250 million, down $2.2 billion year-over-year and $710 million sequentially.
Yield on average loans increased 6 basis points to 5.65%, driven by repricing and payoffs of lower-yielding loans.
Dafinchi