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Northern Trust has reported a net income of $394.8m in Q3 of 2022, a marginal change in comparison with $396.2m in Q2 2022 and $395.7m in the year-ago quarter.

Net income per diluted common share during the quarter that ended on 30 September 2022 was $1.80, representing no year-on-year (YoY) change.

Total revenue during the period under review was $1.76bn, a 7% increase in comparison with $1.64bn during Q3 2021.

Net interest income an FTE basis soared by 47% during the three-month period to $525.3m from $357.1m YoY.

The surge was attributed to a higher net interest margin that was partially offset by lower average earning assets.

Northern Trust’s total assets under custody/administration plummeted by 19% to $12.82 trillion during the quarter from $15.77 trillion in the year-ago quarter.

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Assets under management at the firm also fell by 7% to $1.2bn in Q3 2022 from $1.53bn in the corresponding period of 2021.

Asset Servicing Trust, investment and other servicing fees were $603.2m, a marginal drop of 4% YoY.

Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust’s third-quarter results reflected consistent execution in the face of challenging macroeconomic and market conditions.

“Revenue grew 7% compared to last year, as the elimination of money market fee waivers and the favourable impact from higher interest rates more than offset market and currency-related declines in trust fees.

“Expenses increased 9% due to higher headcount and continued inflationary cost pressures. We approach the end of the year on solid footing and remain focused on serving the needs of our clients and the communities of which we are a part, while generating value for our shareholders.”