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Northern Trust Corporation Reports Second Quarter Net Income Of $191.1 Million, Earnings Per Common Share Of $0.78

Northern Trust Corporation today reported second quarter net income per common share of $0.78, up from $0.73 in the second quarter of 2012 and $0.67 in the first quarter of 2013. Net income was $191.1 million in the current quarter, up 6% from $179.6 million in the prior year second quarter, and up 17% from $164.0 million in the prior quarter. Return on average common equity was 10.0% in the current quarter, compared to 9.9% in the prior year quarter and 8.8% in the prior quarter.

Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Second quarter performance featured solid improvement in net income and earnings per common share versus last year, reflecting increased revenues and disciplined expense management. Our productivity efforts remained on track and capital levels were very strong. We continued to generate growth across our businesses with trust, investment and other servicing fees increasing 8% from a year ago. Our quarterly results led to a 10.0% return on average common equity, our best since the second quarter of 2010.”

SECOND QUARTER 2013 PERFORMANCE VS. SECOND QUARTER 2012

Net income per common share in the second quarter of 2013 was $0.78 compared to $0.73 per common share in the second quarter of 2012. Net income for the current quarter was $191.1 million compared to $179.6 million in the prior year quarter.

Consolidated revenue of $1.02 billion in the current quarter was up $32.0 million, or 3%, from $988.5 million in the prior year quarter. Noninterest income, which represented 78% of revenue, increased $66.0 million, or 9%, to $800.4 million from the prior year quarter’s $734.4 million, primarily reflecting higher trust, investment and other servicing fees and increased foreign exchange trading income. Net interest income for the quarter on a fully taxable equivalent (FTE) basis decreased $36.3 million, or 14%, to $228.0 million compared to $264.3 million in the prior year quarter, primarily due to a continued decline in the net interest margin.

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