Northern Trust Corporation’s net income reached $584.4 million in 2005, a 16% rise over $505.6 million the year before. Income per share stood at $2.64 for 2005, up from $2.27 in 2004.
For the fourth quarter, net income per share was $0.67, up 12% from $0.60 reported in 2004. Net income was $147.6 million for the fourth quarter, compared with $132.6 million for the same period the year before.
“We successfully completed the largest acquisition in our history, continued to grow our international business, and strengthened the position of our industry leading private client business,” said William A. Osborn, chairman and CEO. “At the same time, we achieved double digit revenue and earnings growth, with assets under custody reaching a record $2.9 trillion and assets under management totaling $618 billion.”
Northern Trust closed a GBP 261.5-million acquisition of of Baring Asset Management’s Financial Services Group (FSG)in March 2005.
The company’s balance sheet assets averaged $47.5 billion for the quarter, up 7% from last year’s fourth quarter average of $44.3 billion.