UPDATE: Northern Trust Q4 Earnings Top Estimates

reported stronger-than-expected results for the fourth quarter. The Chicago, Illinois-based company posted a quarterly profit of $244 million, or $0.98 per share, compared to $169.7 million, or $0.70 per share, in the year-ago period. Excluding the income tax benefit, the company earned $0.94 per share. Its revenue climbed 8% to $1.13 billion. However, analysts were projecting earnings of $0.81 per share on revenue of $1.1 billion. Assets under custody rose 7% to $5.97 trillion, while assets under management climbed 6% to $934.1 billion. Noninterest income climbed 9% to $866.2 million, while noninterest expenses slipped 1.7% to $781.3 million. Trust, investment and other servicing fees surged 8% to $728.2 million. Return on average common equity widened to 11.5%, from 8.7% in the year-ago quarter. “Fourth quarter and full year results reflect a continued focus on serving the complex and evolving needs of our clients, while enhancing profitability and returns for our shareholders,” said Frederick H. Waddell, Chairman and Chief Executive Officer. Northern Trust shares rose 0.22% to close at $62.44 yesterday.