Northern Trust reported an 88% jump in second-quarter profit, helped by a one-time gain tied to the Visa share exchange offer, along with strong fee income from asset management and robust capital markets activity.
Key Financial Highlights
Northern Trust’s assets under custody and administration climbed 11% to $20 trillion in the quarter ended June 30 from a year ago, while assets under management grew 16% to $1.97 trillion. Trust, investment and other servicing fee income rose 10% to $1.35 billion.
The company’s net income rose to $792.2 million, or $4.23 per share, in the second quarter, from $421.3 million, or $2.13 per share, a year earlier. Excluding notable items, earnings per share increased 40%, supported by robust fee growth and healthy capital markets activity.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
