The Chicago-based financial services group, which provides services such as custody and administration – and wealth management – said revenues dipped in the quarter, and fell for net income. Noninterest costs rose and the firm set aside an amount for expected credit losses.

Northern Trust this week reported a 17 per cent year-on-year drop in net income for the third quarter of 2023, reaching $327.8 million. Total revenues fell 2 per cent to $1.739 billion.

The Chicago-headquartered group said noninterest expenses rose 4 per cent to $2.278 billion; provision for credit losses was $14 million in the quarter, against a small sum a year ago.

Earnings allocated to common shares fell 18 per cent to $308.5 million. 

Trust, investment and other servicing fees rose 3 per cent to $1.111 billion in the quarter.

Total assets under management in the wealth segment rose 10 per cent from the end of September 2022, to $370 billion. When asset servicing is included, AuM also rose 10 per cent to $1.333 trillion. Assets under custody/administration rose 10 per cent over the 12-month period to end-September 2023, reaching $14.164 trillion.