CHICAGO (AP) -- Northern Trust Corp. said Tuesday its first-quarter net income rose 2 percent, helped by a double-digit increase in revenue from fees.
The Chicago-based wealth management firm earned $164 million, or 67 cents per share, up from $161.2 million, or 66 cents per share, in the same quarter last year. Excluding a write-off and restructuring charges, Northern Trust posted an adjusted profit of 71 cents per share.
Total revenue rose 1 percent to $976.4 million from $965.4 million.
The profit fell a penny short of Wall Street predictions, while the revenue also was lower than expected. Analysts, on average, expected a profit of 72 cents per share on $999.8 million in revenue, according to FactSet.
Net interest income, or income from loans and deposits, fell 12 percent to $226.1 million. But noninterest income, or income from fees and other sources, rose 6 percent to $750.3 million.
Trust, investment and other servicing fees were $630.7 million in the current quarter, up 10 percent from last year and primarily reflecting new business and the favorable impact of equity markets on fees.
The company's total assets under management increased 13 percent from a year ago to $810.2 billion as of March 31.
Northern Trust shares fell 39 cents to $53.42 in afternoon trading.
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