Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Our fourth quarter revenue was up 7% versus one year ago, reflecting solid growth in net interest income, foreign exchange trading income, and trust, investment and other servicing fees. Expenses increased 6%, as we continued to invest in people, technology, and regulatory initiatives to support our growing business. Assets under custody and under management ended the quarter up 11% and 8%, respectively, compared to a year ago, primarily driven by higher markets and our continued success in winning new business.
Full year results reflect a continued focus on serving the complex and evolving needs of our clients, while enhancing profitability and returns for our shareholders. Our return on equity improved to 11.9% in 2016 from 11.5% in 2015. We increased our quarterly common stock dividend to $0.38 per share and repurchased 6.1 million shares during the year, returning $755 million in capital to our common shareholders.”