Northern Trust Q2 2024 Earnings Report

Reported a net income of $896.1 million and earnings per diluted common share of $4.34.

Key Takeaways

Northern Trust reported a strong second quarter with a net income of $896.1 million, or $4.34 per diluted common share. The results were significantly impacted by an $878.4 million net gain from a Visa transaction. The company also incurred $196.3 million in restructuring charges and other notable items. Trust fees grew 6% over the prior year, deposit levels proved resilient, and core expenses were well-managed.

Net income was $896.1 million, compared to $214.7 million in the prior quarter and $331.8 million in the prior-year quarter.

Earnings per diluted common share was $4.34, compared to $0.96 in the first quarter of 2024 and $1.56 in the second quarter of 2023.

Second Quarter 2024 results included an $878.4 million net gain related to the Visa transaction.

The company returned $405 million to shareholders.

Total Revenue

$2.72B

Previous year: $1.76B