Northern Trust Corp. said Wednesday that its second-quarter net income climbed 6 percent as a surging stock market increased its fee revenue.
The Chicago-based wealth management firm earned $187.9 million, or 78 cents per share. That compares with $176.9 million, or 73 cents per share, in the same period a year earlier. Revenue rose 3 percent, to $1.02 billion from $988.5 million.
However, the results fell short of the expectations of Wall Street analysts. They forecast earnings of 83 cents per share on revenue of $1.03 billion, according to a FactSet poll.
Read more in Crain’s Chicago Business.