A financial services group that recently explained its family offices business ethos to this news service has spelled out its latest quarterly financial figures.

Northern Trust last week reported a 42 per cent year-on-year jump in net income to $464.9 million in the third quarter of 2024, helped by a 14 per cent revenue rise drop in provision for credit losses.

The Chicago-headquartered group said trust, investment and other servicing fees rose 8 per cent year-on-year to $1.196 billion in Q3 2024. Other noninterest income rose 32 per cent to $209.6 million; net interest income rose 21 per cent to $569.4 million. 

Noninterest income rose 6 per cent to $1.359 billion in Q3; provision for credit losses fell 43 per cent to $8 million.

Return on average common equity rose to 15.4 per cent from 11.6 per cent.

Wealth management assets under custody/administration rose 19 per cent to $1.145 trillion. Total assets under custody stood at $13.794 trillion at the end of September, up 25 per cent on a year ago.  

Among the segments, the Global Family Office area logged total servicing fees of $529.5 billion, a rise of 9 per cent on a year ago. (This news service recently interviewed the group about its family offices work.)

Total assets under management rose 22 per cent to $1.621 trillion, the group said. 

“Excluding notables, earnings per share grew 32 per cent and we returned more than $450 million to shareholders. Importantly, we generated positive trust fee and total operating leverage while continuing to make significant investments in our businesses and infrastructure,” Michael O’Grady, group CEO, said in a statement. 

At the end of September, the group’s Common Equity Tier 1 capital ratio – a standard international measure of a bank’s capital shock absorber – was 12.6 per cent, up from 11.4 per cent, as based on a standardized approach, it added.