Revenues held steady while the group released some reserves after setting aside money a year ago when the COVID-19 pandemic broke out.

Chicago-based Northern Trust has reported a rise in net income to $375.1 million for the first three months of 2021, against $360.6 billion a year earlier. Total revenue slipped a touch, to $1.59 billion, from $1.596 billion a year earlier.

After providing $61 million for credit losses in the first three months of 2020, $30 million of reserves were released in the latest quarter, reflecting the improving economic environment.

Total assets under management stood at $1.449 trillion, rising 29 per cent. Within its wealth business, total AuM rose 28 per cent to $355 billion.

“Revenue was consistent with the prior year, as declines in net interest income and trading-related revenue were offset by a 6 per cent increase in trust, investment and other servicing fees, primarily driven by organic growth. In support of our growth, expenses increased 5 per cent. Our strong capital base and liquidity position enabled us to support the needs of our clients, and this was demonstrated further during the quarter as we saw continued growth in client activity,” Michael O’Grady, chairman and chief executive, said. 

The group had a Common Equity Tier 1 Capital ratio of 12 per cent at the end of March.