Northern Trust Q2 Results Top Estimates

(RTTNews) - Northern Trust Corp. (NTRS) reported Wednesday that its second-quarter net income applicable to common stock surged to $891.4 million or $4.34 per share from $327.1 million or $1.56 per share in the prior-year quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $1.90 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue on an FTE basis declined 54 percent to $2.72 billion from last year's $1.77 billion. Analysts estimated revenues of $2.06 billion for the quarter.

Net interest income on FTE basis was $529.8 million, up 1 percent from last year, primarily due to higher client deposits, partially offset by higher funding costs.

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