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Sep 30, 2022
Northern Trust Q3 2022 Earnings Report
Northern Trust's third quarter results reflected consistent execution amidst challenging macroeconomic and market conditions.
Key Takeaways
Northern Trust reported third quarter net income of $394.8 million, with earnings per diluted common share of $1.80. Total revenue increased by 7% year-over-year, driven by the elimination of money market fee waivers and higher interest rates, offsetting market and currency-related declines in trust fees. Expenses rose by 9% due to increased headcount and inflationary pressures.
Net income was $394.8 million, consistent with the prior year.
Earnings per diluted common share were $1.80, matching the third quarter of 2021.
Total revenue grew 7% year-over-year, driven by higher net interest income.
Expenses increased 9% due to higher head count and inflationary cost pressures.
Northern Trust
Northern Trust
Forward Guidance
The company did not provide specific forward guidance in the provided text.