Strong Q2 for Northern Trust 25 July 2019London Reporter: Jenna Lomax
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Northern Trust has reported total assets under custody for Q2 2018 as $8,518.8 billion, a 5 percent increase compared to Q2 2018 ($8,101.9 billion).
Total assets under custody and administration stood at $11,322.0 billion, for Q2 2018, an increase of 6 percent, compared to Q2 2018 ($10,712.5 billion).
Net income was $389.4 million, compared to $390.4 million in the prior-year quarter and $347.1 million in the prior quarter.
Corporate and institutional services (C&IS) trust, investment and other servicing fees increased 3 percent compared to the prior quarter.
According to Northern Trust, C&IS custody and fund administration fees increased primarily due to favourable markets and new business, partially offset by the unfavourable impact of movements in foreign exchange rates.
Michael O’Grady, chairman and CEO, said: “Northern Trust performed well in the second quarter of 2019 despite the impact of a mixed global macroeconomic environment.”
“We continued to have success in generating organic growth across our businesses, while also driving improved efficiencies.”
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