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$NTRS 1Q15 10-Q: Revenue was $1,140.7MM vs. $1,049.2MM in 1Q14. Net income was $230.7MM vs. $181.4MM in 1Q14. Net interest income $260.6MM vs. $245.7MM in 1Q14. Noninterest income was $873.9MM vs. $794.8MM in 1Q14. Provision for credit losses $(4.5)MM vs. $3MM in 1Q14. Noninterest expense $789MM vs. $768MM in 1Q14.
Earnings of $NTRS, which provides asset management services, rose to a record high in 4Q17, helped by a sharp increase in revenues. Earnings surged 36% to $1.51 per share. The company posted revenues of $1.42Bil, up 15% from year-ago quarter. Driving the topline growth, investment and service fees growth accelerated for the sixth quarter in a row.
$NTRS said Northern Trust Asset Management has named Darek Wojnar as Head of Funds and Managed Accounts. He will be based in Chicago, reporting to Shundrawn Thomas, President of Northern Trust Asset Management, whom he succeeds in this role.
$NTRS to acquire technology and software development resources from Citadel. The company will continue to provide middle office and fund administration services for Citadel’s funds. The transaction is expected to close in 1H18, subject to customary closing conditions. Transaction details were not disclosed.
$NTRS, a provider of wealth management services, has appointed Andrew Booker as head of sales for Europe, Middle East and Africa. Based in London, Booker will report to Douglas Gee, head of sales, Corporate & Institutional Services, EMEA. Earlier, Booker served SEI Investments as head of sales for its European operations.
Wealth management services provider $NTRS said Chairman and CEO Frederick Waddell will retire from his role as CEO on January 1, 2018. He will be succeeded by Michael O’Grady, who is currently holding the post of Northern Trust’s President. Waddell will continue to be the Chairman of the Board.
$NTRS, a financial holding company providing banking solutions, reported an 11% growth in 3Q17 revenue, supported by favorable equity market conditions and new business. Profit advanced 16% annually to $298MM, and earnings per share rose 11% to $1.20. Both assets under custody and assets under management saw double digit growth during the quarter.
$NTRS said it would expand its continental Europe offering, it has hired Herman Prummel as country head, the Netherlands. Prummel succeeds Wim van Ooijen who was recently appointed to lead $NTRS' business activities in Switzerland in addition to his existing role as head of Northern Trust's German office.
$NTRS, a provider of wealth management services, appointed Keishi Yamamoto as head of its asset management business in Japan. He replaced Hidehiro Nakayama who will be retiring later this year as President and Representative Director. Yamamoto will be reporting to John McCareins, Managing Director of the company’s Asia-Pacific operations.
$NTRS expects its actions taken in 2Q17 for profitability improvement to yield annual ongoing savings of about $18MM on full implementation. The company continues to expect the closing of the acquisition of UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland to close before year end FY17.
Riding on the crest of a strong growth in client assets wave, $NTRS' total assets under custody/administration at $9,294.2Bil spiked by 15% and total assets under management swelled by a robust 14% at $1,028.8Bil. The total revenue for the company was flat at $1,330.1MM for 2Q17 in comparison to $1,323.6MM in the same period last year.
Backed by a rise in total fees and net interest income, $NTRS logged a net income of $267.9MM or diluted EPS of $1.12 in 2Q17 compared to $263MM or $1.10 in the prior-year quarter. Trust, investment and other servicing fees grew by 9% at $848.2MM and net interest income, on an FTE basis, shot up by 14% at $350.4MM in the quarter.
$NTRS' total stockholders' equity averaged $9.8Bil, up 13% from last year's average of $8.7Bil. The increase was primarily attributable to the issuance of preferred stock and earnings, partially offset by dividend declarations and the repurchase of common stock pursuant to its share repurchase program.
$NTRS reported a 13% rise in 1Q17 earnings as strong growth in trust, investment and other servicing fees and net interest income drove revenue higher. Net income rose to $276.1MM or $1.09 per share from $245.4MM or $1.03 per share last year. Revenue grew 8% to $1.28Bil.
In terms of improving operational efficiency, $NTRS said there is a pipeline of areas inside Enterprise Enablement operation where the company is looking at things like robotics artificial intelligence, and that pipeline will manifest during the course of 2017.