Northern Trust Corporation has reported first quarter net income of US$360.6 million, compared to $347.1 million in the prior-year quarter and $371.1 million in the prior quarter.

Custody and fund administration fees decreased primarily compared with the fourth quarter of 2019 due to unfavorable currency translation, partially offset by favourable lagged markets and new business.

Compared with the first quarter of 2019, custody and fund administration fees increased primarily due to favorable lagged markets and new business, partially offset by unfavourable currency translation.

"The ongoing pandemic has brought health and economic challenges on an unprecedented global scale," said Michael O'Grady, Chairman and Chief Executive Officer.

"Our focus during this time has been on the safety of our staff, serving our clients, and supporting our communities. We have maintained mission critical services to our clients even as we transitioned the vast majority of our staff to a remote work environment.

"We have also continued our long-standing focus on supporting our communities, including facilitating loans through the Small Business Administration Paycheck Protection Program and providing philanthropic support to several non-profit organizations around the world, beginning with those focused on immediate healthcare, food, and other humanitarian relief efforts."

"Our performance this quarter generated revenue growth of 7 percent, earnings per share growth of 5 percent, and a return on average common equity of 13.4 percent. Our results for the quarter reflected the momentum we carried coming into the year, with the quarter's performance only partially impacted by the pandemic.

"Turbulent times such as these show the importance of a strong capital base and liquidity profile to continue to support the activities of our clients. We are grateful for the dedication, professionalism and commitment our employees around the world have displayed in coming together to serve our clients and communities."

How do I enable cookies in my browser?

Internet Explorer
1. Click the Tools button (or press ALT and T on the keyboard), and then click Internet Options.
2. Click the Privacy tab
3. Move the slider away from 'Block all cookies' to a setting you're comfortable with.

Firefox
1. At the top of the Firefox window, click on the Tools menu and select Options...
2. Select the Privacy panel.
3. Set Firefox will: to Use custom settings for history.
4. Make sure Accept cookies from sites is selected.

Safari Browser
1. Click Safari icon in Menu Bar
2. Click Preferences (gear icon)
3. Click Security icon
4. Accept cookies: select Radio button "only from sites I visit"

Chrome
1. Click the menu icon to the right of the address bar (looks like 3 lines)
2. Click Settings
3. Click the "Show advanced settings" tab at the bottom
4. Click the "Content settings..." button in the Privacy section
5. At the top under Cookies make sure it is set to "Allow local data to be set (recommended)"

Opera
1. Click the red O button in the upper left hand corner
2. Select Settings -> Preferences
3. Select the Advanced Tab
4. Select Cookies in the list on the left side
5. Set it to "Accept cookies" or "Accept cookies only from the sites I visit"
6. Click OK

Northern Trust Corporation has reported first quarter net income of US$360.6 million, compared to $347.1 million in the prior-year quarter and $371.1 million in the prior quarter.

Custody and fund administration fees decreased primarily compared with the fourth quarter of 2019 due to unfavorable currency translation, partially offset by favourable lagged markets and new business.

Compared with the first quarter of 2019, custody and fund administration fees increased primarily due to favorable lagged markets and new business, partially offset by unfavourable currency translation.

"The ongoing pandemic has brought health and economic challenges on an unprecedented global scale," said Michael O'Grady, Chairman and Chief Executive Officer.

"Our focus during this time has been on the safety of our staff, serving our clients, and supporting our communities. We have maintained mission critical services to our clients even as we transitioned the vast majority of our staff to a remote work environment.

"We have also continued our long-standing focus on supporting our communities, including facilitating loans through the Small Business Administration Paycheck Protection Program and providing philanthropic support to several non-profit organizations around the world, beginning with those focused on immediate healthcare, food, and other humanitarian relief efforts."

"Our performance this quarter generated revenue growth of 7 percent, earnings per share growth of 5 percent, and a return on average common equity of 13.4 percent. Our results for the quarter reflected the momentum we carried coming into the year, with the quarter's performance only partially impacted by the pandemic.

"Turbulent times such as these show the importance of a strong capital base and liquidity profile to continue to support the activities of our clients. We are grateful for the dedication, professionalism and commitment our employees around the world have displayed in coming together to serve our clients and communities."