Northern Trust, the Chicago-based banking group, said it logged a first quarter net income per common share of $1.71, up from $.84 reported in the first quarter of 2007.

The bank's net income was $385.2 million compared with $186.7 million in the first quarter of last year. Reported earnings included a pre-tax benefit of $244.0 million that was realised in connection with the March 2008 initial public offering of Visa common stock.

Excluding the Visa transaction, first net operating earnings per common share was $1.03, an increase of 23 per cent from $.84 reported in the first quarter of 2007. Net operating earnings were up 24 per cent to $231.7 million compared with $186.7 million in the first quarter of last year.