April 21 (Reuters) – Asset and wealth manager Northern Trust posted a rise in first-quarter profit on Tuesday, as strong markets lifted assets under custody and boosted fee income.
The Chicago, Illinois-based firm services assets for institutional clients and benefits from heightened market activity and portfolio reshuffling.
The results mirrored those of peers BNY and State Street, both of which also reported higher profits, helped by volatile markets amid rising geopolitical tensions.
Northern Trust’s net income for the quarter ended March 31 rose to $525.5 million or $2.71 per share, up from $392 million or $1.90 per share a year earlier.
Assets under custody and administration as of March 31 rose 10% to $18.55 trillion, while assets under management stood at $1.78 trillion. Fee income jumped 11% to $1.34 billion.
Net interest income — the difference between what the bank earns on assets and pays on liabilities — surged 15% in the quarter to $662 million.
Total revenue rose to $2.21 billion from $1.95 billion in the year-ago period.
Shares of the company rose about 1% in premarket trading after it announced results. They have gained over 16% so far this year.
(Reporting by Utkarsh Shetti in Bengaluru; Editing by Diti Pujara)
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