Northern Trust Corp. on Wednesday reported a higher than expected fourth quarter profit, as revenues increased due to higher foreign exchange trading income and total fee income.
The results beat analyst estimates, and Northern Trust shares climbed 25 percent in morning trading.
The Chicago-based custody bank and asset manager posted earnings available to common shareholders of $330.3 million, or $1.47 per share, up from $125 million, or 55 cents a share, a year earlier. Revenue rose 18 percent to $1.15 billion from $972.8 million.
Analysts surveyed by Thomson Reuters expected a profit of 92 cents per share on revenue of $968.2 million.
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