Northern Trust Reports 4x Profit Surge in Q4
Key Highlights:
* Fourth-quarter profit surged by over 400%, surpassing Wall Street estimates.
* Rallying equity markets boosted the wealth manager's income from asset servicing and management.
* Trust, investment, and servicing fees jumped by 12% to $1.22 billion.
* Assets under custody or administration grew by 9% to $16.79 trillion.
* Net interest income climbed by 15% to $574.3 million.
* Earnings per share reached $2.26, exceeding analysts' expectations of $2.02.
* Foreign exchange trading income surged by 26%.
Northern Trust's strong performance echoes that of its peers, State Street and BNY, who also reported profit increases driven by growing fees-based income. The firm's success highlights the positive impact of the current market environment on wealth management companies.