Northern Trust Q1 Profit Down 38%, But Results Miss Estimates

(RTTNews) - Northern Trust Corp. (NTRS) reported Tuesday that its first-quarter net income applicable to common stock declined 38 percent to $198.5 million from last year's $318.4 million, with earnings per share decreasing 37 percent to $0.96 from $1.51 last year.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue on an FTE basis declined 6 percent to $1.65 billion from last year's $1.76 billion. Analysts estimated revenues of $1.75 billion for the quarter.

Net interest income on FTE basis was $535.4 million, down 2 percent from last year, primarily due to higher funding costs.

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