Northern Trust Profits Surge Amid Wealth Management Growth

Chicago-based Northern Trust reported a 40 per cent jump in third-quarter net income, reaching $642.9 million compared to $457.6 million last year. This sharp rise in earnings was fueled by a 13 per cent increase in total revenues and significant growth in its wealth management division, where assets under management hit $1.963 trillion.

WildWeb24·October 21, 2026·reads: 1,036

The bank’s performance was bolstered by a 9 per cent increase in wealth management fees, totaling $611.5 million. Within this sector, the Global Family Office division emerged as a key driver with a 16 per cent fee increase to $117.2 million, while private wealth fees climbed 8 per cent to $494.3 million. Diluted earnings per share reached $3.40, a notable improvement over the $2.29 reported in the same period last year.

Financial results were further supported by $48.7 million in pre-tax gains. The bulk of this windfall, $34 million, stemmed from the divestiture of the bank’s guardianship services business, while an additional $14.7 million resulted from Northern Trust’s participation in a Visa exchange offer. Despite this quarterly growth, net income fell from the second quarter’s $792.2 million.

Operational metrics remained robust, with assets under custody climbing 9 per cent to $15.8 trillion. The bank maintained a Common Equity Tier 1 ratio of 12.4 per cent, steady year-over-year. Investors have responded to these developments with optimism, as shares have appreciated approximately 19.5 per cent since the beginning of the year, tracking alongside wider industry gains at competitors like BNY.