Northern Trust Q1 earnings: net income $334.6M, EPS $1.51, revenue up 2% but fees down 9%

NORTHERN TRUST CORP

2023-Q1 EPS reported $1.51 revenue$1,063,600,000

Net income $334.6M ($1.51 diluted EPS) vs $389.3M ($1.77) YoY; total revenue (FTE) $1.76B up 2% YoY.
Trust, investment and other servicing fees $1.06B down 9% YoY on lower market values and asset outflows.
Net interest income $544.4M up 40% YoY driven by higher rates; net interest margin 1.62%.
Provision for credit losses $15M, up from $2M a year ago, primarily on commercial real estate growth.
Return on avg common equity 12.4% (vs 14.2% YoY); CET1 ratio 11.3%; returned $259.5M to shareholders.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NORTHERN TRUST CORP reported three months ended March 31, 2023 results: revenue $1.7 billion, net income $334.6 million, EPS $1.51.

Period: three months ended March 31, 2023
Revenue: $1.7 billion
Net income: $334.6 million
EPS: $1.51
Result: reported results

Exact text from the filing

NORTHERN TRUST CORPORATION REPORTS FIRST QUARTER NET INCOME OF $334.6 MILLION, EARNINGS PER DILUTED COMMON SHARE OF $1.51 Revenue of $1.7 billion

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Source: SEC EDGAR

accession 0000073124-23-000099

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