Northern Trust Q2 Results Miss Estimates - Quick Facts

(RTTNews) - Regional bank Northern Trust Corp. (NTRS) reported an improvement in its second-quarter net income to $191.1 million, or $0.78 a share, from $179.6 million, or $0.73 a share, in the 2012 second quarter, reflecting higher revenues and disciplined expense management. On average, 20 analysts polled by Thomson Reuters expected earnings per share of $0.83 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue for the recent period was $1.02 billion, up 3% from last year's $988.5 million. Analysts estimated revenues of $1.03 billion for the quarter.

Noninterest income, representing 78% of revenue, rose $66.0 million, or 9%, to $800.4 million from $734.4 million a year ago, chiefly reflecting higher trust, investment and other servicing fees and increased foreign exchange trading income. Quarterly net interest income, on a fully taxable equivalent basis, decreased 14% year-on-year to $228.0 million, from $264.3 million, due mainly to a continued decline in the net interest margin.

Return on average common equity was 10.0% in the current quarter, versus 9.9% in the prior-year period.