Northern Trust Corp. reported third quarter earnings allocated to common and potential common shares of $362.7 million, or $1.69 per share, up from $353.1 million, or $1.58 per share, in the year-ago period.
The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.64.
Northern Trust reported total revenues of $1.55 billion in the third quarter, a 4% increase from $1.48 billion in the same period last year. Total consolidated trust, investment and other services fees posted a 4% increase to $975.5 million from $939.2 million, while other noninterest income increased 14% to $144.7 million from $126.9 million, and net interest income increased 2% to $425.3 million from $418.5 million.
Corporate and institutional services trust, investment and other servicing fees posted a 3% increase to $559.9 million from $541.0 million, and wealth management revenues posted a 4% increase to $415.6 million from $398.2 million. Northern Trust attributed the increases to new business activities and favorable markets, partially offset by negative impacts of foreign exchange rates.
Total assets under custody and administration for the quarter stood at $11.565 trillion, compared with $11.322 trillion in the previous quarter and $10.829 trillion in the year-ago period.