Northern Trust Corporation (NTRS) has announced a net income of $464.9 million for the third quarter, a notable increase from $327.8 million in the same period last year. This quarter's results were bolstered by a $68.1 million pre-tax gain from the sale of an equity investment. The net income per common share stood at $2.22, up from $1.49 the previous year. This result surpassed the expectations of 11 analysts surveyed by Thomson Reuters, who had predicted earnings of $1.74 per share for the quarter, excluding special items.
The company's total revenue on a Fully Taxable Equivalent (FTE) basis reached $1.98 billion, compared to $1.74 billion the previous year. This figure also exceeded the analysts' average forecast of $1.88 billion.
Michael O'Grady, CEO of Northern Trust, stated, "We achieved an 8% increase in trust fees and a 21% rise in net interest income compared to last year's third quarter. Adjusted for notable items, our earnings per share grew by 32%, and we returned over $450 million to our shareholders. Crucially, we achieved positive operating leverage in trust fees and total operations, while continuing to invest significantly in our business and infrastructure."
Northern Trust Corporation's shares have risen by 5% in pre-market trading this Wednesday.
