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Northern Trust reported a 43 percent rise in fourth-quarter operating earnings Wednesday and beat analysts’ expectations.
The asset manager earned $1.47 per share in the fourth-quarter, which was ahead of the $0.92 expected by analysts polled by Reuters.
Northern Trust [NTRS
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] said its outlook for the rest of the year was cautious because of the very difficult economic conditions.
The reserve for credit losses at December 31, 2008 was $251.1 million and nonperforming loans totaled $96.7 million on the same date. Provision for credit losses totaled $60.0 million in the current quarter, it said.
Assets under custody were $3.0 trillion and total managed assets were $575.5 billion, the company said. The bank’s shares rose over 5 percent in pre-market trade.
- Writen by CNBC.com
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