Northern Trust has reported net income of $266.5m for the fourth quarter of 2016, up 11% compared to $239.3m in the corresponding quarter of 2015.
The company’s revenues were $1.24bn, a rise of 7% from $1.16bn a year earlier.
Go deeper with GlobalData
Trust, investment and other servicing fees were $794.4m, a 6% increase from $747.1m in the fourth quarter of 2015.
At the end of December 2016, assets under custody/administration were $8.54 trillion, an increase of 10% from 7.79 trillion a year ago. Assets under custody in the group's wealth management arm totalled $554.3bn, up 7% from $517.3m a year earlier.
Wealth Management trust, investment and other servicing fees increased 6% year-on-year to $337.7m.
Northern Trust chairman and CEO Frederick Waddell said: “Our fourth quarter revenue was up 7% versus one year ago, reflecting solid growth in net interest income, foreign exchange trading income, and trust, investment and other servicing fees.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataExpenses increased 6%, as we continued to invest in people, technology, and regulatory initiatives to support our growing business. Assets under custody and under management ended the quarter up 11% and 8%, respectively, compared to a year ago, primarily driven by higher markets and our continued success in winning new business.”
