RTTNews | Jan 20, 2022 08:09AM EST

08:08 Thursday, January 20, 2022 (RTTNews.com) - Northern Trust Corp. (NTRS) reported Thursday that its fourth-quarter net income surged 69 percent to $406.4 million from last year's $240.9 million, with earnings per share growing 70 percent to $1.91 from $1.12 last year.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.81 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue on an FTE basis grew 9 percent to $1.68 billion from last year's $1.53 billion. Analysts estimated revenues of $1.65 billion for the quarter.

Net interest income on FTE basis was $370.6 million, up 7 percent from last year, driven primarily by higher average earning assets, partially offset by a lower net interest margin.

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