Northern Trust's Q1 net income decreased 38% to $198.5m due to debt securities loss and government deposit insurance expense.
Northern Trust's Q1 net income fell 38% to $198.5m due to a loss from debt securities and government deposit insurance fund expense. Despite higher fee income, total revenue dropped 5.6% to $1.65bn. Trust, investment, and other servicing fees rose 7% to $1.14bn. Assets under management increased to $1.5 trillion. The company reported earnings per share of $0.96, missing analyst estimates by $0.48.
April 16, 2024
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