By comparison, net income was $269.2 million in Q2 2015 and $241.8 million in Q1 2016. 

Revenues climbed 5 per cent year-on-year, however, to $1.3 billion, and are also up 11 per cent compared to Q1 2016. 

Return on average common equity was 12.2 per cent, compared to 12.8 per cent a year ago and 11.4 per cent in the prior quarter. 

Wealth management trust, investment and other servicing fees totaled $330.3 million at end-June 2016, up 5 per cent on the previous quarter and up 2 per cent year-on-year.

“The increase in wealth management fees, driven by global family office, was primarily attributable to the impact of lower money market mutual fund fee waivers, partially offset by unfavorable equity markets,” Northern Trust said, referring to the year-on-year increase in fees in this segment.