Financial Highlights
- Net income of $425 million
- Diluted EPS of $2.05
- Return on average common equity of 14.8%
- Assets under custody/administration of $16.2 trillion
Business Performance
Wealth Management revenue grew 6% driven by higher trust and investment management fees. Asset Servicing revenue increased 4% on higher custody and fund administration fees.
Fee Income Growth
Trust, investment and other servicing fees increased 5% year-over-year, reflecting strong asset gathering and favorable market performance. Foreign exchange trading income grew 12% on higher client activity levels.
CEO Commentary
“Northern Trust delivered excellent fourth quarter results that demonstrate the strength of our diversified business model,” said Michael OGrady, Chairman and CEO. “We continue to invest in technology and talent to enhance our client service capabilities and drive long-term growth.”
Capital Management
The company returned $350 million to shareholders through dividends and share repurchases. Capital ratios remained strong with CET1 of 12.4%.