Northern Trust has posted net income of $381.6m for the first quarter of 2018, a surge of 38% compared to $276.1m in the previous year.
The company’s revenues for the quarter ended 31 March 2018 were $1.48bn, up 15% from $1.29bn in the corresponding quarter of 2017.
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Trust, investment and other servicing fees were $937.7m, an increase of 16% from $808.2m last year.
Assets under custody/administration at the end of March 2018 totalled $10.8 trillion, a 21% surge from $8.9 trillion a year earlier.
Assets under custody/administration in the group’s wealth management arm were $654bn, up 12% from $586.5bn last year.
Northern Trust president and CEO Michael O’Grady said: “Northern Trust’s first quarter performance was strong, generating a return on average common equity of 16.0% and earnings per share growth of 45%. This quarter’s performance reflected organic growth in our businesses, as well as the impact of favourable macroeconomic conditions.
“Revenue growth of 15% was driven by year-over-year growth in trust, investment and other servicing fees of 16%. Expenses during the quarter reflected support for the growth in our businesses. Our results produced positive fee operating leverage and operating leverage of 4.7 points and 3.6 points, respectively, versus the prior year.”
