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].
NORTHERN DEPOSIT(NTRSO) - 2025 Q1 - Quarterly Results