Northern Trust has posted a net income of $464.9m for the third quarter (Q3) of 2024, significantly lower than $896.1m reported in the previous quarter but marking a 42% surge from $327.8m in Q3 2023.
The US asset and wealth manager’s diluted earnings per common share were $2.22 for the three-month-period ended 30 September 2024, compared with $1.49 in the prior year.
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Total revenue generated by the company amounted to $1.96bn in Q3 2024, growing 14% from $1.74bn in the same quarter last year.
Net interest income on an FTE basis soared 21% year-on-year to $569.4m.
The company’s trust, investment, and other servicing fees increased to $1.19bn in Q3 2024, an 8% increase from a year earlier.
Its assets under custody/administration stood at $17.42trn at the end of September 2024, a 23% surge from $14.16trn in the previous year. Assets under management climbed to $1.62trn from $1.52trn.
The growth was said to be largely driven by favourable market conditions.
Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust’s third quarter results reflect continued momentum across our businesses. Trust fees increased 8% and net interest income grew 21%, both as compared to the prior-year quarter.
“Excluding notables, earnings per share grew 32% and we returned more than $450m to shareholders. Importantly, we generated positive trust fee and total operating leverage while continuing to make significant investments in our businesses and infrastructure.”
