Northern Trust Q3 Results Rise, Top Estimates - Quick Facts

(RTTNews) - Northern Trust Corp. (NTRS) reported Wednesday that its third-quarter net income was $395.7 million, up 34 percent from last year's $294.5 million. Earnings per share grew 37 percent to $1.80 from $1.32 last year.

On average, 16 analysts polled by Thomson Reuters expected earnings of $1.67 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue on an FTE basis grew 10 percent to $1.64 billion from last year's $1.49 billion, as new business continued to contribute to growth in the trust, investment and other servicing fees. Analysts estimated revenues of $1.61 billion for the quarter.

Net interest income on FTE basis was $357.1 million, up 6 percent from last year. Net interest income increased on a year-over-year basis for the first time since the end of 2019, driven by growth in balance sheet in support of clients' liquidity needs.

Total assets under management climbed 17 percent to $1.53 trillion from prior year's $1.31 trillion.