Northern Trust Corp

NTRS: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Northern Trust Earnings: Net Interest Income Continues to Grow on Lower Deposit Costs

Rajiv Bhatia

Jan 23, 2025

Wide-moat Northern Trust reported a respectable finish to 2024. Trust fees grew 2% sequentially, driven by asset growth as Northern Trust typically prices on period-beginning assets. Net interest income grew sequentially on lower deposits costs while expenses for the quarter were in line with our expectations. As we update a model, we do not anticipate a large change to our fair value estimate of $101 per share.

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Northern Trust Corp

Northern Trust Earnings: Net Interest Income Continues to Grow on Lower Deposit Costs

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