Northern Trust has registered a net income of $269.2m for the second quarter of 2015, up 48% compared to $181.9m in the corresponding quarter of 2014.
For the quarter ended 30 June 2015, the group posted revenue of $1.26bn, a rise of 16% from $1.08bn a year earlier.
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Noninterest income for the second quarter increased to $1bn, up 15% from $873.9m in the prior year quarter, primarily reflecting higher trust, investment and other servicing fees and other operating income.
Trust, investment and other servicing fees stood at $756.8m, an increase of 7% from $706.9m a year earlier primarily reflected by new business and higher equity markets, partially offset by the unfavorable impact of movements in foreign exchange rates.
The group’s wealth management trust, investment and other servicing fees totaled $324.8m, up 4%, from $311.5m in the prior-year quarter.
Assets under management rose 2% to $945.6bn from $924.4bn in the second quarter of 2014. Assets under management in the group’s wealth management unit were $232bn.
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By GlobalDataMoney market mutual fund fee waivers in wealth management totaled $14.6m in the second quarter compared with $52.9m in the prior year quarter.
Northern Trust chairman and CEO Frederick Waddell said: "Trust, investment and other servicing fees, the largest component of our revenues, increased 7% year over year due to new business and higher equity markets, while expense growth of 5% reflected continued investments in our business as well as ongoing support of technology initiatives and regulatory requirements.
"We increased our quarterly cash dividend by 9% to $0.36 per common share and returned $182.0 million to common stockholders through dividends and stock repurchases, demonstrating our commitment to returning capital to our common stockholders."
