Northern Trust reports solid quarter

Northern Trust Corp., the Chicago-based parent company of Northern Trust Bank, reported second quarter net income of $191.1 million, or 78 cents per share, up from $179.6 million, or 73 cents per share, in the same period a year ago.

Frederick Waddell, chairman and chief executive officer of Northern Trust, said, “Second quarter performance featured solid improvement in net income and earnings per common share versus last year, reflecting increased revenues and disciplined expense management. Our productivity efforts remained on track and capital levels were very strong. We continued to generate growth across our businesses with trust, investment and other servicing fees increasing 8 percent from a year ago. Our quarterly results led to a 10.0 percent return on average common equity, our best since the second quarter of 2010.”

The company operates an office in downtown Milwaukee.

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