CHICAGO - Northern Trust Corp. reported $37.1 million in net income for the second quarter, a 16% rise from a year earlier. Fully diluted net income per share was up 11 cents, or 13%, to 98 cents.

The annualized return on average common equity was 19%, down slightly from 19.6%, and the return on average assets rose three basic points, to 1.11%.

For the first six months of 1992, net income was up 15%, to $72.9 million, and per-share income rose 14% to, $1.93.

David W. Fox, chairman, president, and chief executive officer of the $12.8 billion-asset company, said trust fees and net interest income were at record levels. There was also strong growth in cash-management revenues and other loan-related fees.

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