Northern Trust's Q1 2024 Report Reveals Revenue and Net Income Declines
Tuesday, 16 April 2024, 22:21
Key Points:
The company's Q1 2024 showed declines in revenue and net income.
Revenue dropped by 6% to $1.65 billion, while net income fell 36% to under $215 million.
- Analyst estimates were missed by a substantial margin.
- Non-interest expenses rose, and a pre-tax loss was reported on debt securities.
- Total assets under management (AUM) increased by 13%.
Management Outlook:
Despite the dismal results, management expressed confidence in the business's momentum, citing support from frothy equity markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.