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Sep 30, 2023
Northern Trust Q3 2023 Earnings Report
Northern Trust's third quarter results showcased resilience amidst a challenging interest rate cycle, with growth in trust fees, client base expansion, progress in productivity initiatives, and enhanced regulatory capital metrics.
Key Takeaways
Northern Trust Corporation reported a net income of $327.8 million for the third quarter of 2023, with earnings per diluted common share at $1.49. The results reflect the resilience of the company's business model amidst a challenging interest rate environment, with growth in trust fees and expansion of the client base.
Net income was $327.8 million, compared to $331.8 million in the prior quarter and $394.8 million in the prior-year quarter.
Earnings per diluted common share were $1.49, compared to $1.56 in the second quarter of 2023 and $1.80 in the third quarter of 2022.
Trust fees grew, client base expanded, productivity initiatives progressed, and regulatory capital metrics enhanced.
Assets under custody/administration reached US$14.2 trillion, and assets under management totaled US$1.3 trillion.
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.
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