© Reuters.
CHICAGO – Northern Trust Corp (NASDAQ:). has launched its fourth-quarter monetary outcomes, revealing a lower in GAAP earnings alongside a modest uptick in income. The Chicago-based monetary providers firm reported web earnings of $108.4 million for the quarter, a drop from $151.0 million reported in the identical interval final 12 months.
Earnings per share (EPS) for the quarter got here in at $0.52, which didn’t meet the consensus estimate of $1.21 anticipated by analysts. Despite the autumn in earnings, Northern Trust skilled a slight enhance in quarterly income, which rose to $1.55 billion from $1.52 billion within the earlier 12 months’s fourth quarter.
The firm’s bills noticed a notable enhance, primarily because of increased technical providers prices and provisions for credit score losses. The rise in bills has been a major issue within the diminished profitability for the quarter.
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