Northern Trust has posted net income of $356.6m for the fourth quarter of 2017, a surge of 34% compared to $266.5m in the year ago period.
The company’s revenues for the quarter ended 31 December 2017 were $1.42bn, up 15% from $1.24bn in the corresponding quarter of 2016.
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Trust, investment and other servicing fees were $ 910m, an increase of 14% from $794.4m a year earlier.
Assets under custody/administration at the end of December 2017 totalled $10.72 trillion, a surge of 26% from $8.54 trillion reported a year ago.
Assets under custody/administration in the group’s wealth management arm were $655.8bn, up 18% from $554.3bn a year ago.
Northern Trust president and CEO Michael O’Grady said: “Our fourth quarter performance capped off a strong year. Both revenue and fee growth for the quarter were 15% and substantial across all of our businesses. The quarter represented our sixth consecutive quarter of accelerating fee growth on a year-over-year basis, reflecting the powerful combination of favourable macroeconomic conditions and organic growth.”
