US-based asset manager Northern Trust has posted net income of $409.9m for the fourth quarter of 2018.
The figure is an increase of 15% from the comparable quarter last year, when net income stood at $356.6m.
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The asset manager’s revenues for the quarter ended 31 December 2018 were $1.51bn, up 5% from $1.44bn in the same quarter of 2017.
Trust, investment and other servicing fees were $933.9m, a 3% rise from $910m in the previous year.
Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust’s performance in the fourth quarter 2018 produced revenue growth of 6% and earnings per share growth of 19% compared to the prior year.”
Assets under custody/administration at the end of December 2018 totalled $10.1 trillion, a fall of 6% from $10.7 trillion a year ago.
Assets under custody/administration in the group’s wealth management unit totalled $634.8bn, down 3% from $655.8bn last year.
The firm’s assets under management as at 31 December 2018 totalled $1.1 trillion. This marked a decrease of 8% from the previous year figure.
Assets under management in the group’s wealth management arm dipped 4% to $278.6bn from $289.8bn.
“We announced yesterday that we are increasing our quarterly dividend to $0.60 per share, representing an increase of 9% from the prior quarter and 43% compared to one year ago. During 2018, we returned a record $1.4 billion to common shareholders through dividends and the repurchase of 9.0 million shares,” O’Grady noted.
