Northern Trust Corporation reports fourth quarter net income of $169.7 million, earnings per common share of $0.70. Full year net income of $731.3 million, earnings per common share of $2.99.
Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Our fourth quarter and full year results reflect continued focus on serving our clients and improving the profitability and returns of our business. Our return on equity improved to 9.5% in 2013 from 9.3% in 2012 and 8.6% in 2011. We increased our quarterly dividend to $0.31 per share and repurchased 5.5 million shares in 2013, returning $609.0 million in capital to our shareholders compared to $449.8 million in 2012. Strong new business and higher equity markets drove client assets under custody and under management up 16% and 17%, respectively, compared to the prior year. Despite 8% growth in trust, investment and other servicing fees, overall revenue growth of 5% in 2013 was dampened by the challenging interest rate environment. Expense growth of 4% reflects the growth in our business and ongoing investment to support technology initiatives and regulatory and compliance requirements.”