American asset manager Northern Trust remained undeterred by the Covid-19 global health crisis, managing to post a 4% increase in net income in Q1 2020.

The firm’s net income in Q1 2020 stood at $360.6m, versus $347.1m in Q1 2019.

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Q1 2020 Performance highlights

Total revenue of $1.59bn in Q1 2020 was 7% higher than the prior year.

The group’s assets under custody/administration were $10.8trn as of 31 March 2020, versus $10.92trn a year ago.

However, assets under custody/administration in the wealth management unit dropped 7% year-on-year to $640.1bn.

The group’s assets under management were $1.11trn at the end of March 2020, down 4% from $1.16trn in the previous year.

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Assets under management in wealth management dropped 6% to $276.7bn from $294.2bn.

Total consolidated trust, investment and other servicing fees were $1bn, up 8% from $928.9m a year earlier.

Favourable lagged markets and new business led to a 9% year-on-year rise in wealth management trust, investment and other servicing fees to $429.2m.

Northern Trust chairman and CEO Michael O’Grady said: “Our performance this quarter generated revenue growth of 7%, earnings per share growth of 5%, and a return on average common equity of 13.4%.

“Our results for the quarter reflected the momentum we carried coming into the year, with the quarter’s performance only partially impacted by the pandemic. Turbulent times such as these show the importance of a strong capital base and liquidity profile to continue to support the activities of our clients.”