Northern Trust Corp. continues to cruise above the fray of the icy housing market, reporting today record first quarter net income of $385.2 million, or $1.71 per share, up from $186.7 million, or 84 cents per share, in the same period a year ago.
The Chicago-based company, which operates a significant office in downtown Milwaukee, said its earnings included a pre-tax benefit of $244.0 million realized in connection with the March initial public offering of Visa Inc. common stock.
Northern Trust's net operating earnings were up 24 percent to $231.7 million from $186.7 million in the first quarter of last year.
Frederick Waddell, president and chief executive officer, said, "We are pleased to report record earnings for the quarter. The strong results were achieved in a very difficult economic environment for financial institutions and demonstrate the continued success of our focused business strategy. Record operating earnings for the quarter were driven by excellent growth in trust, investment and other servicing fees, foreign exchange trading income, and net interest income."
Northern Trust's first quarter consolidated revenues reached $1.15 billion, up 39 percent from last year's first quarter.
Northern Trust reports record quarter
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