Northern Trust has reported net income of $257.6m for the third quarter of 2016, up 10% compared to $234.6m in the year ago period.
The company’s revenues were $1.22bn, a rise of 5% compared to $1.16bn in the third quarter of 2015.
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Trust, investment and other servicing fees were $788.3m, a 5% increase from $749.1m a year ago.
Assets under custody/administration were $8.50 trillion at 30 September 2016, a rise of $379.9bn, or 5%, from $8.12 trillion at 30 June 2016.
Assets under custody in the group's wealth management unit totalled $533.2bn, a rise of 8% from $495.8bn a year earlier.
Wealth Management trust, investment and other servicing fees increased 7% to $135.6m from $126.8m in the prior year quarter.
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By GlobalDataNorthern Trust chairman and CEO Frederick Waddell said: “Northern Trust performed well in the third quarter of 2016, producing 1.3 points of positive operating leverage and driving our expense-to-fee ratio lower to 107%. Total revenue grew 5% versus one year ago, 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.
“Expenses were well managed, growing 4% versus one year ago. Earnings per share of $1.08 increased a strong 13% compared to one year ago, and we increased our quarterly cash dividend by 6% to $0.38 per common share.”
