Northern Trust has reported net income of $260.7m for the second quarter of 2016, down 3% compared to $269.2m a year ago.
The group posted revenue of $1.3bn during the quarter, a rise of 5% from $1.2bn during the same quarter in 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Trust, investment and other servicing fees were $777.2m, a 3% rise from $756.8m in the prior-year quarter.
Assets under custody/administration were $8.12 trillion at the end of June 2016, an increase of $189.5bn, or 2%, from $7.93 trillion at 31 March 2016.
Assets under custody in the group's wealth management unit totalled $514.2bn, a 2% fall from $524.4bn a year earlier.
Wealth Management trust, investment and other servicing fees increased 2% to $330.3m from $324.8m a year ago.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataReturn on average common equity was 12.2%, compared to 12.8% in the corresponding quarter of 2015.
Northern Trust chairman and CEO Frederick Waddell said: “Northern Trust continued to navigate effectively in the second quarter of 2016, amidst the volatile market environment and heightened global economic uncertainty. Total revenue increased with strong growth in net interest income and steady growth in trust, investment and other servicing fees, partially offset by lower foreign exchange trading income.
“We continued to invest in people, technology and regulatory initiatives to support our growing business. Our results for the quarter demonstrated our ability to win new business in the current environment.”
