Northern Trust has posted net income of $390.4m for the second quarter of 2018, a surge of 46% compared to $267.9m reported a year ago.
The company’s revenues for the quarter ended 30 June 2018 were $1.51bn, an increase of 14% from $1.33bn in the same quarter of 2017.
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Trust, investment and other servicing fees were $942.9m, a rise of 11% from $848.2m in the previous year.
Assets under custody/administration at the end of June 2018 totalled $10.7 trillion, an increase of 15% from $9.3 trillion last year.
Assets under custody/administration in the group’s wealth management arm were $660.6bn, up 9% from $603.4bn in the previous year.
Northern Trust president and CEO Michael O’Grady said: “Northern Trust continued to perform well in the second quarter, delivering strong growth and returns on capital for shareholders. This quarter’s results reflected organic growth in our businesses along with generally favourable macroeconomic conditions.
“Trust, investment and other servicing fees, net interest income, and foreign exchange trading income all delivered double-digit, year-over-year growth. This performance produced solid positive operating leverage and fee operating leverage versus last year, while we continued to focus on our strategy of providing clients with outstanding solutions and differentiated service, improving productivity, and investing in future growth.”
