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Northern Trust's Q3 earnings rise YOY

Chicago-based Northern Trust Corp. posted a 28% year-over-year increase in third-quarter earnings.

Earnings allocated to common and potential common shares climbed to $353.1 million, or $1.58 per share, in the third quarter, from $276.7 million, or $1.20 per share, a year earlier.

The S&P Global Market Intelligence consensus GAAP estimate for third-quarter normalized EPS was $1.61.

Total revenue increased 10% year over year to $1.47 billion from $1.35 billion.

Net interest income grew 15% year over year to $408.2 million from $354.2 million.

Assets under custody/administration at the end of the third quarter were $10.830 trillion, up 1% from $10.713 trillion at the end of the second quarter and up 12% from $9.696 trillion at the end of the third quarter of 2017.

Net interest margin on a GAAP basis was 1.44% for the third quarter, compared to 1.45% for the linked quarter and 1.25% for the year-ago quarter.

The bank recorded a credit reserve release of $9.0 million, compared to provision for credit losses of $1.5 million in the previous quarter and a credit reserve release of $7.0 million in the year-ago quarter.

Net recoveries totaled $300,000 in the third quarter, compared to net charge-offs of $100,000 in the linked quarter and net recoveries of $1.6 million in the prior-year quarter.

At the end of the third quarter, nonperforming assets totaled $124.9 million, compared to $132.2 million in the previous quarter and $145.5 million in the prior-year quarter.