American asset manager Northern Trust has reported a net income of $384.6m for the third quarter (Q3) of 2019, an increase of 3% from $374.5m in the same quarter of 2018.
Total revenue also increased, growing 4% to $1.55bn from $1.48bn.
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The group’s assets under custody/administration at the end of September 2019 totalled $11.57 trillion, up 7% from $10.83 trillion in the previous year.
Assets under custody/administration in the group’s wealth management arm rose 4% year-on-year to $701.2bn.
The group’s total assets under management amounted to $1.2 trillion as of 30 September 2019, increasing 3% from $1.17 trillion a year ago.
Assets under management in wealth management increased 2% to $300.5bn from $295.5bn.
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By GlobalDataTotal consolidated trust, investment and other servicing fees was up by 4% to $975.5m from $939.2m.
Wealth Management trust, investment and other servicing fees rose 4% to $415.6m on a year-on-year basis.
Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust continued to perform well in the third quarter of 2019, generating year-over-year revenue growth of 4% and a return on common equity of 14.9%.
“Trust, investment and other servicing fees increased 4% from one year ago driven by new business, while expenses increased 3%.
“Our results produced year-over-year earnings per share growth of 7% and, during the quarter, we returned $459 million to common shareholders through dividends and the repurchase of 3.4 million shares.”
