Northern Trust has reported a net income of $241.8m for the first quarter of 2016, an increase of 5% compared to $230.7m in the prior-year quarter.
For the quarter ended 31 March 2016, the group posted revenue of $1.19bn, up 5% from $1.13bn in the first quarter of 2015.
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Trust, investment and other servicing fees were $748.2m, a rise of 3% compared to $727.5m in the prior-year quarter.
Assets under custody/administration totaled $7.93 trillion at 31 March 2016, up $129.4bn, or 2%, from $7.80 trillion at 31 December 2015.
Assets under custody in the group’s wealth management unit declined 3% to $511.1bn from $524.6bn a year ago.
Wealth Management trust, investment and other servicing fees declined to $314.8m from $320.2m a year earlier.
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By GlobalDataReturn on average common equity was 11.4%, compared to 11.3% in the prior-year quarter and 11.1% in the prior quarter.
Northern Trust chairman and CEO Frederick Waddell said: "Northern Trust performed well in the first quarter of 2016, despite the volatile market environment and heightened global economic uncertainty. Total revenue grew 5%, with strong growth in net interest income and steady growth in trust, investment and other servicing fees, partially offset by lower foreign exchange trading income. Expenses increased 5%, as we continued to invest in people, technology and regulatory initiatives to support our growing business. Our return on equity was 11.4%, within our target range of 10-15%."
