The U.S. economy's slow recovery has led to continued improvement in the credit quality of our loan portfolio. Nonperforming assets declined for the fourth quarter in a row, and our loan loss provision was $5 million, unchanged from last quarter and down from $10 million one year ago. And we saw some modest loan growth both sequentially and compared to last year.Let's move to Page 2 and discuss the financial results for the second quarter. Net income of $180 million and earnings per share of $0.73 both increased approximately 11% sequentially and 18% year-over-year. Our return on equity of 9.9% was better than last quarter and one year ago and just below our long-term target range of 10% to 15%, signifying good progress on our productivity and profitability efforts. The sequential quarter improvement was primarily the result of revenue growing 2% and expenses declining 1%.
Northern Trust Management Discusses Q2 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.