Northern Trust Corp · Q3 2020 earnings

Briefing

Northern Trust reported third quarter results with net income of $294.5 million and earnings per diluted common share of $1.32.

Northern Trust Corporation reported Q3 net income of $294.5 million, or $1.32 per diluted common share. Results were impacted by a $43.4 million pre-tax charge related to a corporate action processing error. Assets Under Custody and Administration reached $13.1 trillion, up 13% year-over-year, and Assets under Management reached $1.3 trillion, up 9% from the prior year.

• Net income per diluted common share was $1.32, compared to $1.69 in Q3 2019 and $1.46 in Q2 2020.
• Net income was $294.5 million, compared to $384.6 million in the prior-year quarter and $313.3 million in the prior quarter.
• Noninterest revenue grew 3% compared to the prior year.
• Assets Under Custody and Administration ended the quarter at $13.1 trillion, up 13% and Assets under Management ended the quarter at $1.3 trillion, up 9% from the prior year.

Headline financials

Revenue & EPS history

This release includes forward-looking statements regarding financial results and outlook, capital adequacy, dividend policy and share repurchase program, accounting estimates and assumptions, credit quality including allowance levels, future pension plan contributions, effective tax rate, anticipated expense levels, contingent liabilities, acquisitions, strategies, market and industry trends, and expectations regarding the impact of accounting pronouncements and legislation. These statements are based on current beliefs, expectations, and assumptions about future events and involve risks and uncertainties.