Northern Trust Beats Profit Growth Expectations in Q1

Northern Trust (NASDAQ: NTRS) delivered its first-quarter results on Tuesday, reporting growth of 3.9% in net income year over year, a result that beat analysts' expectations.

Net income for the quarter was $360.6 billion, or $1.55 per share, based on total revenue of $1.6 billion, up 7% from the first quarter of 2019.

The bank made a credit provision of $61 million -- setting aside those funds in reserve to cover possible future loan losses -- after not taking a such a provision in either Q1 2019 or Q4 2019.

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Source Fool.com