Northern Trust Corp. (NTRS) announced on Wednesday a significant increase in its net income for the second quarter, with figures reaching $891.4 million or $4.34 per share, compared to $327.1 million or $1.56 per share in the same quarter of the previous year.
Analysts, on average, had predicted earnings of $1.90 per share for the quarter, according to data from Thomson Reuters. These forecasts typically do not account for special items.
The firm's total revenue on a fully taxable equivalent (FTE) basis fell by 54 percent, coming in at $2.72 billion, down from the previous year's $1.77 billion. Analysts had estimated the total revenue for the quarter to be around $2.06 billion.
Net interest income on an FTE basis rose by 1 percent to $529.8 million, driven mainly by higher client deposits, though partially offset by increased funding costs.
