The company said Net Income for Q1 2024 was $214.7 million, down $334.6 million from the prior-year quarter, a decrease of $119.9 million, and diluted net income per common share was $0.96 ($1.51 in the prior-year quarter).

1. 01

   The company said Net Income for Q1 2024 was $214.7 million, down $334.6 million from the prior-year quarter, a decrease of $119.9 million, and diluted net income per common share was $0.96 ($1.51 in the prior-year quarter).

2. 02

   Northern Trust said Revenue for Q1 fell 6% to $1.65 billion, while Trust, Investment and Other Servicing Fees rose 7% to $1.14 billion. The company cited favorable markets and new business as the main drivers.

3. 03

   The company said Other Noninterest Income for Q1 swung to a loss of $24.2 million, and that a $189.4 million available for sale debt security loss from a portfolio repositioning was recorded in Investment Security Gains (Losses).

4. 04

   Northern Trust said Noninterest Expense for Q1 rose 6% to $1.36 billion. It explained the increase reflected higher Compensation and Equipment and Software Expenses, as well as a $12.5 million FDIC special assessment.

Key figures

Quarter ended March 31, 2024

Revenue

$1.1B

Net income

$215M

EPS

$0.96

Operating cash flow

−$1.5B

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.