Northern Trust Corporation (NASDAQ: NTRS) reported its financial results for the quarter ended March 31, 2020 today.
Northern Trust posted a 4% rise in earnings for the first quarter of 2020 helped by higher revenue. The results reflected the momentum it carried coming into the year, with the quarter’s performance only partially impacted by the pandemic. Assets under custody/administration remained flat from last year while assets under management fell by 4%.
Net interest income declined by 3% due to lower short-term interest rates while non-interest income jumped by 35% on higher client volumes and increased market volatility. The company said the turbulent times such as these show the importance of a strong capital base and liquidity profile to continue to support the activities of its clients.
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