Northern Trust has reported net income of $267.9m for the second quarter of 2017, a rise of 2% compared to $263m in the year ago period.
The company’s revenues for the quarter ended 30 June 2017 remained almost flat at $1.33bn.
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Trust, investment and other servicing fees were $848.2m, up 9% from $777.2m in the previous year.
Assets under custody/administration at the end of June 2017 totalled $9.29 trillion, versus $8.11 trillion a year ago. Assets under custody/administration in the group’s wealth management arm stood at $603.4bn.
Wealth Management trust, investment and other servicing fees increased 9% to $361.1m from $330.3m last year.
Northern Trust chairman and CEO Frederick Waddell said: “Our second quarter results continued to demonstrate our ability to drive strong growth within both our wealth management and institutional businesses. Trust, investment and other servicing fees and net interest income grew 9% and 14%, respectively, compared to the prior year.
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By GlobalData“The growth in fees was driven by strong growth in client assets, as assets under custody/administration and assets under management ended the quarter up 15% and 14%, respectively, compared to a year ago.”
