Northern Trust Q1 2020 Earnings Report
Key Takeaways
Northern Trust Corporation reported a strong first quarter, with a focus on supporting clients, staff, and communities amidst the global pandemic. The company saw revenue growth of 7% and EPS growth of 5%, reflecting momentum from the previous year, partially offset by the pandemic's impact. The company maintained mission critical services and supported communities through loans and philanthropic efforts.
Net income per diluted common share was $1.55, compared to $1.48 in the first quarter of 2019.
Net income was $360.6 million, compared to $347.1 million in the prior-year quarter.
Revenue growth of 7%, earnings per share growth of 5%, and a return on average common equity of 13.4% were achieved.
The company focused on staff safety, client service, and community support during the pandemic.
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Northern Trust Revenue by Segment
Forward Guidance
This release includes forward-looking statements regarding Northern Trust’s financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. Forward-looking statements also include statements, other than those related to historical facts, that relate to the ongoing COVID-19 (coronavirus) pandemic and its impact on global economic and market conditions and Northern Trust's business, financial condition, and results of operations.