WASHINGTON (dpa-AFX) - Northern Trust Corp. (NTRS) reported that its second-quarter of 2014 earnings allocated to common and potential common shares dropped to $178.8 million from the last year's $187.9 million, with net income per common share declining to $0.75, from $0.78 in the second quarter of 2013.
The latest-quarter results included pre-tax charges and write-offs totaling $42.3 million. Excluding these charges and write-offs, net income was $209.8 million and $0.87 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue of $1.08 billion was up $61.2 million, or 6%, from $1.02 billion in the prior year quarter. Wall Street analysts had a consensus revenue estimate of $1.08 billion for the quarter.
Noninterest income increased $34.7 million, or 4%, to $835.1 million from the prior year quarter's $800.4 million, primarily reflecting higher trust, investment and other servicing fees, partially offset by lower foreign exchange trading income as compared to the prior year quarter. Net interest income on a fully taxable equivalent (FTE) basis increased $25.4 million, or 11%, to $253.4 million compared to $228.0 million in the prior year quarter, due to higher levels of average earning assets, partially offset by a decrease in the net interest margin.
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