Northern Trust Corporation saw its second quarter profits leap 12% over those reported in 2005, the company announced Wednesday.
Forthern Trust reported that its price per share increased to $0.76, a $0.08 improvement from last year’s price per share.
The company’s net income also rose 12% to a record $167.9 million, resulting in a return on average common equity of 18.0%.
“Strong earnings continued in the second quarter,” says William Osborn, chairman and chief executive officer of Northern Trust. “Revenues increased 15% over the prior year, driven by record trust, investment and other servicing fees, net interest income, and foreign exchange results. This revenue growth, together with effective expense management, generated excellent operating leverage, resulting in a 22% increase in pre-tax income. Assets under custody of $3.2 trillion rose 17%, while assets under management increased 9% to $640 billion. This quarter’s excellent results mark the sixth consecutive quarter of double-digit earnings per share growth.”