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
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