Chicago-based Northern Trust Corp. today reported first quarter net income of $164 million, or 67 cents per share, up 2 percent from $161.2 million, or 66 cents per share, from the first quarter of 2012.
Consolidated revenue for the quarter was $967.4 million, up 1 percent from $965.4 million in the first quarter of 2012.
“Our financial performance in the first quarter benefited from strong new business from both personal and institutional clients, as well as higher equity markets,” said Frederick H. Waddell, chairman and chief executive officer. “Trust, investment and other servicing fees, which represented 65 percent of our revenue, grew 10 percent compared to last year and assets under custody and under management grew 9 percent and 13 percent respectively, compared to last year.”
Northern Trust operates a branch in downtown Milwaukee.
