Q4 2024 Northern Trust Corp Earnings Call Transcript
Key Points
- Northern Trust Corp (NTRS) reported a 12% increase in trust fees and a 15% growth in net interest income compared to the previous year.
- The company achieved a 50% increase in earnings per share year-over-year, excluding notable items.
- Northern Trust Corp (NTRS) returned over $400 million to shareholders in the fourth quarter and $1.5 billion for the full year, marking a five-year high.
- The company made significant progress in its 'One Northern Trust' strategy, focusing on optimizing growth, strengthening resiliency, and driving productivity.
- The Global Family Office (GFO) segment showed strong performance with a 9% increase in wealth deposits and a nearly 400 basis point expansion in segment pretax margin.
- Assets under custody and administration were down 4% sequentially, impacted by unfavorable currency movements and weaker markets.
- The company experienced a 1% sequential decline in assets under management, despite a 12% year-over-year increase.
- Noninterest expenses increased by 5.5% year-over-year, driven by higher compensation and modernization costs.
- Currency impacts unfavorably affected fourth-quarter revenue growth by approximately 50 basis points.
- Despite strong performance, Northern Trust Corp (NTRS) faces challenges in maintaining service quality while reducing headcount in asset servicing.
Please stand by. Good day and welcome to the Northern Trust Corporation fourth quarter 2024 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Jennifer Childe, Director of Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Welcome to Northern Trust Corporation's fourth quarter 2024 earnings conference call. Joining me on our call this morning is Michael O'Grady, our Chairman and CEO; Dave Fox, our Chief Financial Officer; John Landers, our Controller; and Trace Stegeman from our Investor Relations team.
Our fourth quarter earnings press release and financial trends report are both available on our website at northerntrust.com. Also on our website, you will find our quarterly earnings review presentation which we will use to guide today's conference call. This January 23 call is being webcast live on northerntrust.com. The only authorized rebroadcast of this call
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
