© Reuters.
CHICAGO – Northern Trust Corp (NASDAQ:). has released its fourth-quarter financial results, revealing a decrease in GAAP earnings alongside a modest uptick in revenue. The Chicago-based financial services company reported net income of $108.4 million for the quarter, a drop from $151.0 million reported in the same period last year.
Earnings per share (EPS) for the quarter came in at $0.52, which did not meet the consensus estimate of $1.21 anticipated by analysts. Despite the fall in earnings, Northern Trust experienced a slight increase in quarterly revenue, which rose to $1.55 billion from $1.52 billion in the previous year’s fourth quarter.
The company’s expenses saw a notable increase, primarily due to higher technical services costs and provisions for credit losses. The rise in expenses has been a significant factor in the reduced profitability for the quarter.
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