Chicago-based Northern Trust Corp. today reported first quarter net income of $161.2 million, or 66 cents per share, up from $151.0 million, or 61 cents per share, in the same period a year ago.
The most-recent quarter included restructuring and integration-related charges of 1 cent per share, while the year-earlier quarter included restructuring and integration-related charges of 2 cents a share and a 2-cent gain from indemnified litigation involving Visa Inc.
The company’s total quarterly revenue jumped 7.5 percent to $965.4 million.
Northern Trust’s fees from trust, investment and other services rose 12 percent to $575.2 million, accounting for 60 percent of the company’s first-quarter revenue.
Frederick Waddell, chairman and chief executive officer, said, “Our performance in the first quarter reflects strong new business, higher equity markets and disciplined expense management. Expenses, excluding charges, improved sequentially, evidencing our continued efforts to improve productivity and profitability. Earlier this quarter, we were pleased to announce a 7 percent increase in our quarterly dividend, to 30 cents per common share, and a new share repurchase authorization. Northern Trust is one of only two major U.S. banks that did not cut its quarterly dividend throughout the financial crisis. These recent actions were part of our capital plan, which was reviewed without objection by the Federal Reserve, and reflect our strong capital position, focused business model and conservative risk profile.”
Northern Trust has an office in downtown Milwaukee.
