Northern Trust has registered a net income of $230.7m for the first quarter of 2015, up 27.1% compared to $181.4m in the corresponding quarter of 2014.
For the quarter ended 31 March 2015, the group posted revenue of $1.13bn, a rise of 9% as against revenue of $1.04bn a year earlier.
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Trust, investment and other servicing fees stood at $727.5m, an increase of 7% from $679.5m a year earlier.
The group’s return on average common equity for the first quarter of 2015 soared to 11.3% from 9.3% in the prior year quarter.
Assets under management in the group’s wealth management unit were $ 233.1bn, up 7% from $217.2bn in the first quarter of 2014.
Northern Trust chairman and CEO Frederick Waddell said, "We are pleased with our financial performance in the first quarter of 2015, which reflects continued growth in our business serving personal and institutional clients. Trust, investment and other servicing fees, which represent two-thirds of our revenue, increased 7% compared to last year. New business and higher equity markets contributed to growth in assets under custody and under management of 6% and 5%, respectively.
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By GlobalData"Total revenue grew 9% and we maintained a disciplined focus on expenses, which increased 3%, producing meaningful operating leverage. As a result, our pre-tax profit margin improved to 31.2% in the first quarter and our return on equity was within our target range of 10-15%. We also look forward to returning capital to our stockholders in the year ahead as the Federal Reserve did not object to the proposed capital actions in our 2015 Capital Plan."
