Chicago-based Northern Trust has reported record net income of $864.2 million for 2009, a rise of 9 per cent from $794.8 million the previous year, while net income for the fourth quarter of 2009 was $200.3 million, compared to $342.3 million for Q4 2008.

Along with record income for the year, Northern Trust also saw its client assets under management increase by 12 per cent to reach $627.2 billion at end-2009, having been $558.8 billion in 2008. Assets under custody grew to $3.7 trillion over the same period – a rise of 22 per cent year-over-year, the bank said.

Trust, investment and other servicing fees totalled $548.6 million for 2009, an increase of 12 per cent on 2008’s figure of $488.1 million. Fee-related income in total decreased 12 per cent to $706.2 million from $801.4 million over the year.

“Despite difficult business conditions, we achieved record net income for the full year and continued to generate significant new business from both personal and institutional clients... As we enter 2010, Northern Trust’s strong balance sheet and highly focused, client-centric business model places us in an excellent position to grow and to continue to attract new business in our targeted markets," Frederick Waddell, the bank’s chairman and chief executive, said in a statement.

Northern Trust’s core tier 1 capital ratio was 13.6 per cent at end-2009, having stood at 13.1 per cent the previous year.