Northern Trust has reported a net income of US$181.4 million for the first quarter of 2014, an increase of 11%, from US$164 million in the prior year quarter.
Revenue of US$1.04 billion in the current quarter was up US$64.1 million, or 7%, from US$976.4 million in the prior year quarter.
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Noninterest income, which represented 76% of revenue, increased US$44.5 million, or 6%, to US$794.8 million from the prior year quarter’s $750.3 million.
Trust, investment and other servicing fees were US$679.5 million in the first quarter, up US$48.8 million, or 8%, from US$630.7 million in the prior year quarter.
Trust, investment and other servicing fees in Wealth Management totaled US$300.3 million in the first quarter, up US$18.3 million, or 6%, from US$282 million in the prior year quarter.
Money market mutual fund fee waivers in Wealth Management totaled US$17.6 million in the first quarter compared with US$13.4 million in the prior year quarter.
