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Higher-than-expected revenue growth and improved asset quality propelled Northern Trust Corp. to strong profit gains in the quarter that ended March 31.
April 21 -
Northern Trust in Chicago reported slightly lower third-quarter profits, as an increase in fee-based income was offset by higher operating expenses.
October 22 - Illinois
Northern Trust (NTRS) in Chicago has named a new chief financial officer and split the roles of president and chief operating officer as part of series of leadership changes that will take effect on Sept. 1.
July 16
Northern Trust in Chicago reported a jump in second-quarter profit due to growth in assets under management and the sale of Visa common stock.
The $120 billion-asset company's
Fee income, the biggest part of Northern Trust's business, rose 20% to $1 billion. Trust, investment and other servicing fees rose 7% to $756.8 billion. Northern Trust's assets under management, the largest contributor to trust, investment and other servicing fees, rose 2% to $945.6 billion
Fee income was also boosted by a one-time pretax gain of $100 million from the sale of Visa Class B stock.
Net interest income rose 1.9% to $251.2 million. Growth in earning assets was offset by a $17.8 million impairment on the residual value of aircraft under leveraged lease agreements. The net interest margin narrowed by seven basis points to 0.97%.
Noninterest expense rose 5% to $854.5 million. Employee compensation declined 3% to $361.9 million.
