Northern Trust Corp (FRA:NT4)
€ 79 -1 (-1.25%) Market Cap: 16.02 Bil Enterprise Value: -17.02 Bil PE Ratio: 11.96 PB Ratio: 1.50 GF Score: 73/100
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Q1 2024 Northern Trust Corp Earnings Call Transcript

Apr 16, 2024 / 01:00 PM GMT
Release Date Price: €79 (+0.64%)

Key Points

Positve
  • Northern Trust Corp (NTRS) reported a solid start to the year with strength in underlying equity markets and progress on strategic priorities.
  • Wealth Management saw solid growth in client advisory fees and product level fees increased due to favorable markets.
  • Asset Servicing generated solid new business growth at attractive margins, with notable wins such as the appointment by true potential and Sanlam Asset Management.
  • Asset Management generated positive liquidity flows for the fifth consecutive quarter and saw strong momentum within active fixed income and alternatives.
  • Northern Trust Corp (NTRS) entered the second quarter with strong market tailwinds and positive new business momentum, well-positioned to navigate macroeconomic and market uncertainty.
Negative
  • Reported results included a $189 million loss on the sale of securities related to a portfolio repositioning completed in January.
  • Net interest income was down 2% from a year ago, with the company expecting a 3% to 5% sequential decline in NII.
  • Nonperforming loans, while at the lowest level since 2008, included a $10 million charge-off during the quarter due to a large commercial loan.
  • Noninterest expenses were up 6% compared to the prior year, with the expense to trust fee ratio remaining elevated at 118%.
  • Deposit levels are highly unpredictable, making it difficult to forecast net interest income and overall financial results.


Refinitiv StreetEvents Event Transcript
P R E L I M I N A R Y V E R S I O N

NTRS.OQ - Northern Trust Corp
Q1 2024 Northern Trust Corp Earnings Call
Apr 16, 2024 / 01:00PM GMT

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Conference Call Participants
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* >>Jennifer Childe - Head of IR
* >>Michael O'Grady - CEO
* >>Jason Tyler - CFO
* >>Alexander Blostein - Goldman Sachs Group, Inc., Research Division
* >>Ebrahim Poonawala - BofA Securities, Research Division
* >>Betsy Graseck - Morgan Stanley, Research Division
* >>Brennan Hawken - UBS Investment Bank, Research Division
* >>Brian Bedell - Deutsche Bank AG, Research Division

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Presentation
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Operator [1]
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Good day, and welcome to the Northern Trust Corporation First Quarter 2024 Earnings Conference Call. As a reminder this conference is being recorded. At this
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