Sunday, 8th November 2009

 

16 April 2008 - David Bain

Northern Trust unveils big rise in first-quarter operating profit

The financial services firm posted a net income of $385.2m, or $1.71 a share, as compared to $186.7m, or 84 cents a share, in the year-ago quarter

Northern Trust on Tuesday unveiled a 24% rise in first-quarter operating profit, beating expectations, as growth in assets boosted its earning fees, according to a Reuters report.

The financial services firm, which offers private banking, investment management and global custody services, reported a doubling of profit on a net level, helped by gains realised from the initial public offering of Visa in March.

First-quarter net income rose to $385.2m (€243.3m), or $1.71 a share, from $186.7m, or 84 cents a share, in the year-ago quarter. This included a pretax benefit of $244m from the Visa listing, the company said in a statement.

Excluding the effect of the Visa transaction, net operating earnings were a record $231.7m, or $1.03 a share, against $186.7m earned in the same quarter of last year, it said. Analysts had on average expected the firm to earn 96 cents a share before exceptional items, according to Reuters Estimates.

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