Northern Trust has posted a net income of $389.4m for the second quarter of 2019, almost unchanged compared to the corresponding quarter last year.

The firm’s revenues also remained stable at $1.51bn.

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Assets under custody/administration at the end of June 2019 totalled $11.3 trillion, up 6% from $10.7 trillion in the previous year.

Assets under custody/administration in the group’s wealth management arm increased 6% to $698.4bn from $660.6bn.

The group’s assets under management as of 30 June 2019 totalled $1.2 trillion as of 30 June 2019, a rise of 3% from $1.1 trillion last year.

Total trust, investment and other servicing fees increased 1% to $955.5m on a year-on-year basis.

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Commenting on the performance, Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust performed well in the second quarter of 2019 despite the impact of a mixed global macroeconomic environment.

“Net income was flat versus the prior-year quarter and improved 12% on a sequential-quarter basis, as revenue grew 2% and expense declined by 2%. We continued to have success in generating organic growth across our businesses, while also driving improved efficiencies.

“We generated a return on common equity of 15.9% during the quarter and returned $402 million to common shareholders through dividends and the repurchase of 2.9 million shares.”