Northern Trust Posts Higher Q1 Profit - Quick Facts

(RTTNews) - Regional bank Northern Trust Corp.'s (NTRS) first-quarter net income grew to $181.4 million, or $0.75 a share, from $164.0 million, or $0.67 a share, last year. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.78 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenue of $1.04 billion was up 7% from $976.4 million reported a year back. Analysts estimated revenues of $1.07 billion for the quarter.

For the quarter, noninterest income, representing 76% of revenue, rose 6% year-on-year to $794.8 million from $750.3 million, mainly reflecting higher trust, investment and other servicing fees, partially offset by lower foreign exchange trading income as compared to the prior year quarter. Net interest income, on a fully taxable equivalent or FTE basis, increased 9% to $254.4 million from $233.7 million in the prior-year quarter, due to higher levels of average earning assets, partially offset by a decrease in the net interest margin, the company said.

Return on average common equity was 9.3% in the recent quarter, versus 8.8% in the prior-year quarter.

Commenting on its performance, Chairman and Chief Executive, Frederick Waddell, said: "Our first quarter 2014 results improved compared to a year ago with trust, investment and other servicing fees increasing 8%, total revenue increasing 7% and net income and earnings per share increasing 11 and 12%, respectively. We also experienced strong growth in client assets under custody and under management of 15% and 13%, respectively."