Northern Trust Corp. reported Monday that its net income climbed 18 percent in the first quarter, paced by record net interest and fee earnings.
The Chicago-based bank holding company said net income rose to a record $84.9 million, or 73 cents per share, from $71.7 million, or 62 cents per share, a year earlier.
“Record corporate trust fees, personal trust fees and net interest income, along with continued strong results from foreign exchange, were the primary drivers of this performance,” said Chairman William A. Osborn.
Non-performing assets totaled $39.2 million on March 31, down from $43.3 million on Dec. 31 but up from $23.9 million a year earlier. Net chargeoffs were $3.9 million, up from $3.4 million Dec. 31 and $400,000 a year earlier.
