Northern Trust has posted a net income of $239.3m for the fourth quarter of 2015, down 2% compared to $244m in the corresponding quarter of 2014.
For the quarter ended 31 December 2015, the group posted revenue of $1.16bn, a rise of 2% from $1.13bn a year ago.
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Noninterest income for the fourth quarter of 2015 was $867.3m up slightly from $866.2m in the prior-year quarter primarily reflecting higher trust, investment and other servicing fees.
Trust, investment and other servicing fees stood at $747.1m, an increase of 3% from $728.2m a year earlier primarily reflected by new business and lower money market mutual fund fee waivers.
The group’s wealth management trust, investment and other servicing fees totaled $319.2m for the quarter compared to $318.7m in the year ago quarter driven by new business and reduced money market mutual fund fee waivers.
Assets under management in the group’s wealth management unit rose to $227.3bn from $224.5bn in the fourth quarter of 2014. Assets under custody at the unit were $506.3bn.
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By GlobalDataGlobal family office fees were up 9% to $42.8m compared to $39.4m a year ago.
Money market mutual fund fee waivers in wealth management totaled $12.7m in the fourth quarter compared with $16.2m in the prior year quarter.
The group’s return on average common equity for the fourth quarter of 2015 decreased to 11.1% from 11.5% in the prior year quarter.
Northern Trust chairman and CEO Frederick Waddell said: "Northern Trust delivered strong performance in 2015, with net income and earnings per share increasing 20%.
"We increased our quarterly common stock dividend by 9% to $0.36 per share and repurchased 6.9 million shares during the year, returning $830 million in capital to our common shareholders.
"Revenue growth of 9% in 2015 reflects significant increases in trust, investment and other servicing fees and net interest income. Expenses increased 5%, reflecting continued strong growth in our business and ongoing investments to support technology and regulatory initiatives."
