Earnings ·
Northern Trust reports $3.40 per share Q3 earnings, raises quarterly dividend to $0.88
NTRSONorthern Trust Corp
Northern Trust reported third-quarter net income of $642.9 million, or $3.40 per diluted common share, compared to $792.2 million in the prior quarter and $457.6 million a year ago. The results included a $48.7 million pre-tax benefit from notable items, primarily a gain on the sale of its guardianship services business and an incremental gain from Visa Exchange Offer participation. Excluding these items, revenues grew 11% and diluted EPS increased 40% year-over-year. The company also raised its quarterly cash dividend to $0.88 per share from $0.80 and returned a total of $514.2 million to shareholders through dividends and buybacks. Northern Trust operates in the financial services industry, providing wealth management, asset servicing, and treasury and loan services.