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Jun 30, 2023
Northern Trust Q2 2023 Earnings Report
Northern Trust reported second quarter net income, reflecting growth across all businesses and progress on productivity initiatives.
Key Takeaways
Northern Trust Corporation reported a net income of $331.8 million for the second quarter of 2023, with earnings per diluted common share at $1.56. The results include pre-tax severance-related charges of $38.7 million and a $25.6 million pre-tax charge related to the write-off of an investment in a client capability.
Second quarter net income was $331.8 million, compared to $334.6 million in the prior quarter and $396.2 million in the prior-year quarter.
Earnings per diluted common share were $1.56, compared to $1.51 in the first quarter of 2023 and $1.86 in the second quarter of 2022.
Trust fees and revenue grew compared to the prior quarter.
Expenses, excluding notable items, were well-controlled.
Forward Guidance
This release may include statements which constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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