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Jun 30, 2024
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.
Northern Trust
Northern Trust
Forward Guidance
Northern Trust is focused on accelerating growth and improving productivity in the second half of the year.