WASHINGTON (dpa-AFX) – Northern Trust Corporation (NTRS) reported third-quarter net income of $464.9 million, compared to $327.8 million in the year-ago quarter. Third-quarter results included a $68.1 million pretax gain related to the sale of a stock stake. Net income per common share was $2.22, compared to $1.49. On average, 11 analysts surveyed by Thomson Reuters expected the company to report earnings per share of $1.74 for the quarter. Analyst estimates generally exclude special items.

Total revenue, on an FTE basis, was $1.98 billion, up from $1.74 billion the year before. Analysts had estimated an average of $1.88 billion in revenue.

MICHAEL O’GRADY, CEO, said: “Trust fees increased by 8% and net interest income increased by 21%, both compared to the prior year quarter. Excluding notables, earnings per share increased 32% and we returned more than $450 million to shareholders. Importantly, we have generated positive trust fees and total operating leverage while continuing to make significant investments in our business and infrastructure.

Shares of Northern Trust Corporation are up 5% in pre-market trading Wednesday.

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