Northern Trust has registered a net income of $234.6m for the third quarter of 2015, up 15% compared to $204.5m in the corresponding quarter of 2014.
For the quarter ended 30 September 2015, the group posted revenue of $1.16bn, a rise of 7% from $1.08bn a year ago.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Noninterest income for the third quarter was $886.6m, up 7% from $829.6m in the prior year quarter.
Trust, investment and other servicing fees stood at $749.1m, an increase of 4% from $718.2m a year earlier primarily reflecting new business.
The group’s wealth management trust, investment and other servicing fees totaled $319.4m, up 1.1%, from $318.3m in the prior-year quarter.
Global Family Office fees were up 15%, primarily attributable to new business, while fees across the regions decreased 1% to 2%. Money market mutual fund fee waivers in wealth management totaled $15.3m in the current quarter compared to $16.9m a year ago.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAssets under management fell 4% to $886.8bn from $923.3bn in the second quarter of 2014. Assets under management in the group’s wealth management unit rose 2% to $225.3bn.
The group’s return on average common equity for the third quarter of 2015 soared to 10.9% from 10.1% in the prior year quarter.
Northern Trust chairman and CEO Frederick Waddell said: "We continue to perform well in a challenging environment, with net income and earnings per share exhibiting strong growth of 15% and 14%, respectively.
"Noninterest income and net interest income grew 7% and 8%, respectively. Expense growth of 5% reflects continued investments in our business as well as ongoing support of regulatory requirements and technology initiatives.
"In the third quarter, we returned $225.5 million to common stockholders through dividends and stock repurchases, demonstrating our continuing commitment to returning capital to our common stockholders."
