UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-36609 NORTHERN TRUST CORPORATION Indicate by check mark whether the registrant has submitted electroni ...

Exhibit 99.3 Financial Trends Second Quarter 2025 July 23, 2025 Please direct inquiries to: Jennifer Childe Senior Vice President, Director of Investor Relations (312) 444-3290 or jennifer.childe@ntrs.com Trace Stegeman Senior Financial Analyst, Investor Relations (312) 630-1428 or trace.stegeman@ntrs.com The historical financial results and trends reflected in this report are not indicative of future financial results and trends for Northern Trust Corporation. This report should be read in conjunction with ...

Group 1 - Bank of New York Mellon Corp. expressed interest in merging with Northern Trust, with discussions between their chief executives taking place [1][3] - No formal offer was discussed during the conversations, but a future formal bid from BNY is possible [3][6] - BNY has a market capitalization of $65.55 billion, while Northern Trust's market cap stands at $21.76 billion [3] Group 2 - In May, BNY received a license to establish a regional headquarters in Saudi Arabia, indicating its strategy to enhance its presence in the financial hub [4] - Both BNY and Northern Trust have not provided comments regarding the merger discussions [5]

Financial Performance - Total revenue for Q1 2025 increased to $1.94 billion, up 18% from $1.65 billion in Q1 2024, driven by higher net interest income and servicing fees[14] - Net income for Q1 2025 was $392.0 million, representing an 83% increase compared to $214.7 million in Q1 2024[14] - Noninterest income increased to $1.37 billion, a 23% rise from $1.12 billion in Q1 2024, reflecting favorable market conditions[8] - Net interest income rose to $568.1 million, an 8% increase from $528.1 million in the prior year, primarily due to higher deposits and lower funding costs[15] - Noninterest expenses increased to $1.42 billion, a 4% rise from $1.36 billion in the prior year, mainly due to higher compensation and equipment expenses[17] - Return on average common equity improved to 13.0% in Q1 2025, up from 7.3% in Q1 2024, reflecting enhanced profitability[9] Assets and Liabilities - Total assets at the end of Q1 2025 were $165.07 billion, a 6% increase from $155.51 billion at the end of 2024[8] - Total Assets Under Custody/Administration increased to $16,924.0 billion, reflecting a 1% increase quarter-over-quarter and a 3% increase year-over-year[27] - Total Assets Under Management reached $1,607.8 billion, remaining stable quarter-over-quarter and increasing by 7% year-over-year[32] - Total Interest-Bearing Deposits increased by $11.0 billion, or 11%, to $109.1 billion compared to the prior-year quarter[85] - Average Interest-Bearing Deposits increased by $3.3 billion, or 4%, to $99.0 billion compared to the prior-year quarter[55] Credit Quality - The provision for credit losses was $1.0 million, compared to a negative provision of $8.5 million in Q1 2024, indicating improved credit quality[16] - Nonaccrual loans to total loans ratio increased to 0.18% as of March 31, 2025, from 0.13% as of December 31, 2024[102] - The total allowance for credit losses as of March 31, 2025, was $199.9 million, compared to $198.4 million as of December 31, 2024, with the allowance assigned to loans at $167.1 million[109] Market Conditions - The S&P 500 index increased by 18% year-over-year, contributing positively to the company's performance[24] - Total inflows for the three months ended March 31, 2025, amounted to $807.5 billion, while total outflows were $795.9 billion, resulting in net inflows of $11.6 billion[37] - Securities Lending Collateral increased by 8% year-over-year to $191.1 billion, reflecting strong demand[35] Tax and Dividends - The effective tax rate for Q1 2025 was 24.8%, down from 26.1% in the prior year, with the provision for income taxes totaling $129.4 million[17] - The Corporation declared cash dividends totaling $148.2 million to common stockholders during the three months ended March 31, 2025, compared to $153.4 million in the prior-year quarter[90] Capital and Liquidity - Common Equity Tier 1 capital ratio for Northern Trust Corporation was 12.9% as of March 31, 2025, up from 12.4% at December 31, 2024, indicating strong capital adequacy[127] - 66% of total assets were highly liquid as of March 31, 2025, compared to 62% at December 31, 2024, demonstrating an increase in liquidity[131] Interest Income and Expenses - Total Interest Income decreased by $306.4 million, primarily due to changes in average balance and average rate[47] - Total Interest Expense decreased to $1.57 billion in Q1 2025 from $1.92 billion in Q1 2024, a reduction of 18%[47] - The interest rate spread was reported at 0.80% for the current quarter compared to 0.51% in the prior-year quarter[46] Other Income - Other Noninterest Income totaled $158.1 million, a significant increase from a loss of $24.2 million in the prior year[38] - Foreign Exchange Trading Income rose to $58.7 million, reflecting a 3% increase from $57.0 million in the prior year[38]

Financial Performance - Northern Trust Corporation reported a net income of $392.0 million for Q1 2025, reflecting a 92% increase compared to the previous year[4]. - Basic earnings per share (EPS) for Q1 2025 was $2.27, up from $1.91 in Q1 2024, indicating a growth of 19%[4]. - The return on average common equity for Q1 2025 was 13.0%, compared to 7.3% in Q1 2024, showing a significant improvement[4]. - The profit margin (after tax) for Q1 2025 was 20.1%, up from 13.0% in Q1 2024, indicating enhanced profitability[4]. - Total revenue for Q1 2025 was $1,945.6 million, an increase of 18% compared to $1,654.1 million in Q1 2024[5]. - Net income rose to $392.0 million, reflecting an 83% increase from $214.7 million in the same quarter last year[5]. - Earnings per share (EPS) increased to $1.91, up 99% from $0.96 in Q1 2024[5]. - Total revenue (GAAP) for 2023 was $6,773.5 million, compared to $6,761.2 million in 2022, indicating a slight increase[28]. - The company anticipates total revenue (FTE) to reach $8,322.2 million in 2024, indicating a positive outlook for growth[28]. Income and Expenses - Total noninterest income grew by 23% to $1,371.9 million, compared to $1,118.7 million in Q1 2024[5]. - Net interest income (FTE) increased by 7% to $573.7 million, up from $535.4 million in the previous year[5]. - Compensation expenses rose by 3% to $644.4 million, compared to $627.1 million in Q1 2024[5]. - Total noninterest expense increased by 4% to $1,417.6 million, up from $1,364.7 million in the same quarter last year[5]. - The company reported a provision for (release of) credit losses of $24.5 million in 2023, compared to a release of $12.0 million in 2022[7]. Capital and Equity - The total capital ratio for Q1 2025 was 15.7%, an increase from 14.2% in Q1 2024, indicating stronger capital position[4]. - Cash dividends declared per common share for Q1 2025 remained at $0.75, consistent with the previous quarter[4]. - Common equity increased by 7% to $11,993.6 million compared to $11,216.9 million last year[11]. - Total stockholders' equity grew by 6% to $12,878.5 million from $12,101.8 million[11]. - The company reported a total stockholders' equity of $8.4 billion in 2024, maintaining a consistent level over the previous years[16]. Assets and Liabilities - Total assets increased by 6% to $165,071.2 million from $156,111.0 million year-over-year[11]. - Total liabilities rose by 6% to $152,192.7 million from $144,009.2 million[11]. - Total assets increased to $146,633.5 million in 2024 from $142,649.2 million in 2023, reflecting a growth of 2.7%[13]. - Total earning assets grew by 6% to $153,202.0 million compared to $144,495.9 million in the previous year[11]. - Loans decreased by 14% to $40,833.3 million, down from $47,342.6 million[11]. Market and Growth Outlook - The company expects Total Revenue to increase to $8,322.2 million in 2024, representing a projected growth of approximately 21.8%[7]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[16]. - The company expects continued growth in Assets Under Management, projecting a target of $1,700 billion by the end of 2025[23]. - New product developments are focused on enhancing digital asset management capabilities to attract younger investors[23]. - The company plans to expand its market presence in Asia, targeting a 15% increase in client acquisition in the region by 2025[23]. Profitability Metrics - The net interest margin (FTE) for 2023 was reported at 57.5%, reflecting a stable performance compared to previous years[29]. - Profit margin (pre-tax) for 2023 was 21.6% GAAP, with a forecast of 32.1% for 2024[32]. - Profit margin (after-tax) for 2023 was 16.3% GAAP, projected to increase to 24.5% in 2024[32]. - The company reported a significant increase in profit margins across both pre-tax and after-tax categories compared to previous years[32]. - Future outlook indicates a positive trend in noninterest income and trust fees, suggesting potential revenue growth[32].