Chicago-based Northern Trust Corp., which operates a Northern Trust Bank branch in downtown Milwaukee, reported third quarter net income of $178.8 million, or 73 cents per share, up from $170.4 million, or 70 cents per share, in the same period a year ago.
Trust, investment and other servicing fees, which represented 62 percent of the company’s revenue, were $601.9 million in the current quarter, up $46.6 million, or 8 percent, from $555.3 million in the prior year quarter. The increase primarily reflects new business as well as lower waived fees on money market mutual funds.
Frederick Waddell, chairman and chief executive officer of the bank, said, “Third quarter performance featured growth in client assets under custody and management of 14 percent and 16 percent, respectively, versus last year. Trust, investment and other servicing fees, the largest component of our revenues, grew 8 percent. The continued headwinds posed by lower interest rates, market activity and volatility moderated these achievements. However, we continued to adapt to these macroeconomic challenges with effective expense management as exemplified by the decline in expenses both year-over-year and sequentially.”
