Company Reports

On an absolute basis, Northern Trust reported a strong quarter with underlying revenue growth of 13% (including net interest income growth of 11%) and adjusted expense growth of 5%. Returns on equity, excluding notable items, were 17% by our calculations, and up from 16% last year.

Northern Trust consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

The Federal Reserve released its annual stress test results on June 24. With stronger results than last year, albeit in a less severe scenario, shares of the 32 tested banks generally traded upward, though the movement was muted.

Northern Trust consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

Northern Trust reported a solid start to 2026. First-quarter revenue grew 14%, with trust fees up 11% and net interest income up 15%. As a result of strong net interest income, returns on average common equity were 17%, at the high end of its midteens target. Shares rose 8% on April 21 trading.

Northern Trust consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

Northern Trust reported a strong finish to 2025, with fourth-quarter revenue growth of 8%, including trust fee growth of 7% and net interest income growth of 14%. Adjusted expenses grew 3.8% year over year, and the firm provided updated medium-term targets. Shares rose 6% intraday.

The Federal Reserve released a new proposal for the bank stress-test framework and 2026 stress-test scenarios on Oct. 24.

Northern Trust reported 6% adjusted revenue growth, 5% net interest income growth, and steady 5% expense growth in the third quarter from the year-ago period. Northern Trust raised its outlook for net interest income for 2025 slightly.

Northern Trust consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

Northern Trust reported second-quarter adjusted revenue growth of 8%, with net interest income up 16%. Adjusted expenses were up 5% during the period. Amid media reports, Northern Trust denied holding takeover talks.

The Federal Reserve released its annual stress test results on Friday, June 27. With significantly stronger results compared with a year ago, the shares of the 22 tested institutions traded slightly higher in after hours trading.

The Federal Reserve, with the support of the Office of the Comptroller of the Currency and the Federal Deposit Insurance, released draft changes to the enhanced supplemental leverage ratio today. The Morningstar US Banks Index rose by 0.6% on the news, while the broader market was flat.

On June 22, 2025, The Wall Street Journal reported that Bank of New York Mellon has approached Northern Trust to discuss a potential merger.

Excluding notable items, Northern Trust reported revenue growth of 6% to $1.95 billion and EPS of $1.90. Adjusted expenses increased 5%, and net interest income was up 7% and was flat sequentially.

Northern Trust consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

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 consists of two moaty segments: wealth management and a custody business known asset servicing (previously corporate and institutional services or C&IS). Both segments are supported by the firm’s asset-management capabilities.

Wide-moat-rated Northern Trust reported a strong third quarter with net interest income exceeding our expectations. Fee revenue was mostly as expected, and while 6% expense growth is still somewhat high, it was a deceleration from the second quarter. As we tweak our model for higher net interest income and market appreciation, we expect to increase our fair value estimate within a range of 5%-15%.