Q1 2025 Net Income Rises Strongly At Northern Trust; Wealth Fees Gain

Tom Burroughes

23 April 2025

Northern Trust yesterday reported an 83 per cent year-on-year surge in net income for the first three months of 2025, reaching $392 million. This was achieved on the back of an 18 per cent year-on-year rise in total revenue. However, net income fell from the fourth quarter of 2024.

Noninterest costs rose 4 per cent, the Chicago-headquartered group said in a statement.

Assets under management stood at $1.607 trillion at the end of March, rising 7 per cent on a year earlier. Within wealth management, AuM rose 6 per cent, to $446.9 billion.

Total assets under custody/administration rose 3 per cent year-on-year to $16.92 trillion.

“Northern Trust generated its third consecutive quarter of positive operating leverage in the first quarter of 2025 driven by mid-single digit growth in both trust fees and net interest income relative to the prior year, while effectively managing expenses,” Michael O’Grady, chairman and CEO, said. He said that earnings per share, excluding prior-year notables, rose by 13 per cent, and it generated a return on common equity of 13 per cent, both while boosting capital levels meaningfully and returning $435 million to shareholders.

Total wealth management trust, investment and other servicing fees rose 8 per cent year-on-year in Q1 2025, to $541.9 million. Within this overall figure, global family office fees rose 9 per cent.