Northern Trust Q3 Net Income Rises; Revenue Up 14% On FTE Basis - Update

(RTTNews) - Northern Trust Corporation (NTRS) reported third quarter net income of $464.9 million, compared to $327.8 million in the prior-year quarter. Third quarter results included a $68.1 million pre-tax gain related to the sale of an equity investment. Net income per common share was $2.22, compared to $1.49. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $1.74, for the quarter. Analysts' estimates typically exclude special items.

Total revenue, on a FTE basis, was $1.98 billion compared to $1.74 billion, previous year. Analysts on average had estimated $1.88 billion in revenue.

MICHAEL O'GRADY, CEO, said: "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 $450 million to shareholders. Importantly, we generated positive trust fee and total operating leverage while continuing to make significant investments in our businesses and infrastructure."

Shares of Northern Trust Corporation are up 5% in pre-market trade on Wednesday.

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