Northern Trust has reported net income of $266.5m for the fourth quarter of 2016, up 11% compared to $239.3m in the corresponding quarter of 2015.

The company’s revenues were $1.24bn, a rise of 7% from $1.16bn a year earlier.

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Trust, investment and other servicing fees were $794.4m, a 6% increase from $747.1m in the fourth quarter of 2015.

At the end of December 2016, assets under custody/administration were $8.54 trillion, an increase of 10% from 7.79 trillion a year ago. Assets under custody in the group's wealth management arm totalled $554.3bn, up 7% from $517.3m a year earlier.

Wealth Management trust, investment and other servicing fees increased 6% year-on-year to $337.7m.

Northern Trust chairman and CEO Frederick Waddell said: “Our fourth quarter revenue was up 7% versus one year ago, reflecting solid growth in net interest income, foreign exchange trading income, and trust, investment and other servicing fees.

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Expenses increased 6%, as we continued to invest in people, technology, and regulatory initiatives to support our growing business. Assets under custody and under management ended the quarter up 11% and 8%, respectively, compared to a year ago, primarily driven by higher markets and our continued success in winning new business.”