Northern Trust reports robust quarter

Northern Trust Corp., the Chicago-based parent company of Northern Trust Bank, reported third quarter net income of $206.5 million, or 84 cents per share, up from $178.8 million, or 73 cents per share, in the same period a year ago.

The company operates a branch in downtown Milwaukee.

The current quarter includes a $32.6 million pre-tax gain on the sale of an office building property.

Frederick Waddell, chairman and chief executive officer of Northern Trust, said, “Revenue growth in the third quarter reflects a solid increase in trust, investment and other servicing fees. Assets under custody and under management increased 10 percent and 13 percent, respectively, versus last year, reflecting our success in winning new clients and serving existing clients, as well as higher equity markets. Expenses increased as a result of the growth in our business, including recent office openings in Frankfurt, Germany and Riyadh, Saudi Arabia, and continued investment to support technology initiatives and a growing set of regulatory and compliance requirements for our clients.”

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