Northern Trust Corporation (NTRS) has reported an 11.37 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $266.50 million, or $1.11 a share in the quarter, compared with $239.30 million, or $0.99 a share for the same period last year.
Revenue during the quarter grew 7.32 percent to $1,241.40 million from $1,156.70 million in the previous year period. Net interest income for the quarter rose 12.06 percent over the prior year period to $324.30 million. Non-interest income for the quarter rose 5.74 percent over the last year period to $917.10 million.
Northern Trust Corporation has made negative provision of $22 million for loan losses during the quarter, compared with a negative provision of $18.50 million in the same period last year.
Net interest margin improved 9 basis points to 1.18 percent in the quarter from 1.09 percent in the last year period.
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. Our return on equity improved to 11.9% in 2016 from 11.5% in 2015. We increased our quarterly common stock dividend to $0.38 per share and repurchased 6.1 million shares during the year, returning $755 million in capital to our common shareholders," said Frederick H. Waddell, Chairman and Chief Executive Officer.
Assets outpace liabilities growth
Total assets stood at $123,926.90 million as on Dec. 31, 2016, up 6.15 percent compared with $116,749.60 million on Dec. 31, 2015. On the other hand, total liabilities stood at $114,156.50 million as on Dec. 31, 2016, up 5.66 percent from $108,043.70 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $33,661.10 million as on Dec. 31, 2016, up 2.04 percent compared with $32,987.10 million on Dec. 31, 2015. Deposits stood at $101,651.70 million as on Dec. 31, 2016, up 4.94 percent compared with $96,868.90 million on Dec. 31, 2015.
Investments stood at $44,923.20 million as on Dec. 31, 2016, up 18.25 percent or $6,932.20 million from year-ago. Shareholders equity stood at $9,770.40 million as on Dec. 31, 2016, up 12.23 percent or $1,064.50 million from year-ago.
Return on average assets moved up 2 basis points to 0.90 percent in the quarter from 0.88 percent in the last year period. At the same time, return on average equity increased 73 basis points to 11.87 percent in the quarter from 11.14 percent in the last year period.
Nonperforming assets moved down 12.16 percent or $22.90 million to $165.40 million on Dec. 31, 2016 from $188.30 million on Dec. 31, 2015.
Tier-1 leverage ratio stood at 8 percent for the quarter, up from 7.50 percent for the previous year quarter. Book value per share was $38.88 for the quarter, up 7.20 percent or $2.61 compared to $36.27 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
