Northern Trust Corp. on Wednesday reported record net income per common share of 93 cents for the third quarter, an increase of 26% from a year earlier.
Net income grew 27%, to $208.3 million, compared to the year earlier.
William A. Osborn, Northern Trust's chairman and chief executive officer, attributed much of the revenue growth to a 16% increase in trust, investment, and other servicing fees and record levels of foreign exchange trading income and net interest income.
"Our success in the marketplace was evidenced by double-digit growth in client assets, with assets under custody increasing 24% over last year, to $4.1 trillion; global custody assets growing 31%, to $2 trillion; and assets under management increasing 14%, to $761.4 billion," he said in a press release.
Northern Trust's third-quarter consolidated revenues reached $892.5 million, up 19% from the year earlier. Trust, investment, and other servicing fees contributed 57% of third-quarter revenues, and overall fee-related income contributed 74%. Net interest income rose 15%, to $228.4 million, and foreign exchange trading income hit $91.9 million, up 74% from the year earlier.
The net income per common share was up a penny from the second quarter's 92 cents. Net income also grew 1% from the previous quarter's $206.9 million.
