The company said its net income for 2023 was $1.11 billion, down $228.7 million (17%) from $1.34 billion in 2022. Diluted earnings per share were $5.08, compared with $6.14 in 2022.

1. 01

   The company said its net income for 2023 was $1.11 billion, down $228.7 million (17%) from $1.34 billion in 2022. Diluted earnings per share were $5.08, compared with $6.14 in 2022.

2. 02

   Northern Trust said its revenue for 2023 was $6.77 billion, up $12.3 million from $6.76 billion in 2022. The company cited higher net interest income, up 5%, and lower foreign exchange trading income, down 29%, as the main factors.

3. 03

   The company said Trust, Investment and Other Servicing Fees for 2023 were $4.36 billion, down $70.8 million (2%) from $4.43 billion in 2022. It attributed the decline to net asset outflows and unfavorable markets, partly offset by lower money market fund fee waivers and favorable currency translation.

4. 04

   Northern Trust said net interest income on a fully taxable equivalent (FTE) basis for 2023 was $2.04 billion, up $106.7 million (6%) from 2022. The net interest margin on an FTE basis rose from 1.39% to 1.56%. The company cited higher average interest rates as the main factor.

Key figures

Fiscal year ended December 31, 2023

Revenue

$4.4B

Net income

$1.1B

EPS

$5.08

Operating cash flow

$2.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.