Financial services firm Northern Trust Corp. (NASDAQ: NTRS) said Tuesday it posted a 15 percent gain in its first-quarter net income on record trust, investment and other servicing fees.
The Chicago-based company said earnings rose to $187.7 million, or 84 cents a share, up from $163 million, or 74 cents a share the previous year. Revenue climbed 11 percent to $823.8 million from $743.0 million a year ago.
Wall Street analysts polled by Thomson Financial had an average profit forecast of 79 cents a share on revenue of $797 million.
Net interest income grew 10 percent from $190.6 million last year, to $210.3 million. The growth reflected a higher level of average earning assets, the firm said.
Shares of the company rallied in afternoon trading, jumping $1.73, or 2.8 percent to $64.28 on the Nasdaq Stock Market.