Northern Trust Corp. (NTRS) is well-poised for revenue growth on the back of steady loan demand. The company's capital distribution activities are backed by a strong liquidity profile. However, rising expenses and the current challenging macroeconomic environment are worrisome. Northern Trust's key strength lies in its organic growth, which is evident in its revenue and loan growth narrative. Revenues witnessed a CAGR of 3.5% over the last three years (2020-2023), driven by rising noninterest income and net ...

财务业绩 - 公司收入同比增长55%，达到27.16亿美元[17] - 信托、投资和其他服务费用同比增长6%，达到11.7亿美元[17] - 其他非利息收入同比增长487%，达到10.3亿美元，主要由于签约Visa交易产生的净收益[17] - 净利息收入同比增长2%，达到5.23亿美元，主要由于客户存款增加所致[17] - 计提信贷损失准备8.0百万美元，而上年同期为负15.5百万美元[17] - 非利息支出同比增长15%，达到15.34亿美元，主要由于重组费用和其他一次性项目[17] - 每股摊薄净收益为4.34美元，上年同期为1.56美元[17] - 平均资产回报率为2.44%，上年同期为0.91%[17] - 平均股东权益回报率为31.2%，上年同期为12.4%[17] 资产服务业务 - 资产托管和基金管理费用是资产服务业务最大的组成部分，主要受客户资产托管/管理规模、交易量和账户数量的影响[21] - 资产服务业务的托管和基金管理费用较上年同期有所增加，主要由于市场向好和新业务带来的影响，部分被交易量下降所抵消[21] - 资产服务业务外汇交易收入较上年同期增加20%，主要由于客户交易量增加[87] - 资产服务业务其他非利息收入较上年同期下降12%，主要由于对某些投资计提减值损失[88] - 资产服务业务净利息收入较上年同期下降8%，主要由于2024年开始的报告分部分配方法变更[89] - 资产服务业务信贷损失准备计提较上年同期增加，主要由于信用质量略有恶化[90] - 资产服务非利息支出较上年同期增加7%，主要由于裁员相关费用和更高的费用分摊[91] 财富管理业务 - 财富管理业务的费用收入较上年同期有所增加，主要由于市场向好[22] - 财富管理净收入较上年同期增加11%，主要由于信托、投资和其他服务费收入以及净利息收入增加，部分被非利息支出增加所抵消[92] - 财富管理净利息收入较上年同期增加9%，主要由于报告分部分摊方法的变更[93] - 财富管理信贷损失准备较上年同期增加，主要由于商业地产价格疲软[94] - 财富管理非利息支出较上年同期增加7%，主要反映了更高的间接费用分摊[95] 其他收入 - 其他非利息收入较上年同期大幅增加，主要由于本季度Visa交易产生的收益[96] - 其他非利息支出较上年同期增加，主要由于本季度的慈善承诺和法律和解[97] 资产负债表 - 总资产较去年末增加4%，主要由于联邦储备和其他中央银行存款增加[98] - 总股东权益较去年末增加6%[98] - 公司维持高质量债券证券组合，96%的可供出售债券证券评级为AAA[105] - 公司持有到期债券证券中76%评级为AAA[110] - 公司非应计贷款占总贷款的比例为0.13%[114] - 公司于2024年6月30日的贷款损失准备为1.677亿美元[117] - 公司商业房地产贷款总额为52.668亿美元[121] - 公司资本充足率指标均高于监管要求[129] - 公司维持高度流动性的资产负债表，截至2024年6月30日和2023年12月31日，现金及短期投资占总资产的比例分别为64%和59%[137] 利率风险管理 - 公司利用利率敏感性分析管理利率风险，预计未来12个月内利率上升100和200个基点将分别增加利息收入2200万美元和4100万美元，利率下降100和200个基点将分别减少利息收入4100万美元和10400万美元[140] - 公司市值权益敏感性分析显示，利率上升100和200个基点将分别减少市值权益3.83亿美元和8.5亿美元，利率下降100和200个基点将分别增加市值权益3.96亿美元和5.96亿美元[143] 风险管理 - 公司采用历史模拟法计算交易账簿的每日风险价值(VaR)，2024年第二季度外汇和利率衍生品的VaR保持在较低水平[144][145] - 公司采取多项措施管理回购协议交易的潜在信用风险[112] 未来展望 - 公司预计未来将继续保持良好的业绩增长[155] - 公司将继续加大在新技术和新产品方面的研发投入[155] - 公司将积极拓展海外市场，推进全球化战略[155] - 公司将进一步优化资产负债结构，提高资本使用效率[155]

财务数据和关键指标变化 - 第二季度净收入为8.96亿美元,每股收益4.34美元,平均普通股权益回报率为31.2% [24] - 托管和管理资产均有温和的环比增长和大幅同比增长,主要受益于强劲的股票市场 [25] - 剔除特殊项目影响,收入同比增长5%,环比增长1%;费用同比增长6.6%,环比基本持平 [26] - 信托、投资和其他服务费用同比增长6%,环比增长2% [26] - 剔除特殊项目影响,其他非利息收入同比增长9%,环比下降2% [27] - 净利息收入同比增长1%,环比下降1% [27] - 信贷质量保持良好,无不良贷款 [27] 各条业务线数据和关键指标变化 - 资产管理业务获得连续第六个季度的正流动性,固定收益投资表现出色 [15] - 资产管理业务发行了7只新基金,扩大了全球流动性业务并增加了固定收益解决方案 [17] - 资产托管业务表现良好,交易量健康,资本市场活动增长16%,新业务增长保持吸引力的利润率 [17][19] - 财富管理业务信托费用同比增长9%,新业务动力强劲 [14] 各个市场数据和关键指标变化 - 在英国,公司被任命为Nest Invest(英国最大的职场养老金计划)的新托管和资产服务提供商 [20][21] - 在北美,公司今年已获得30多个资产所有者的新业务 [20] 公司战略和发展方向及行业竞争 - 公司在资产托管业务上采取更加选择性和有针对性的策略,专注于可以提供更高服务水平和利润率的机会 [18][63][64] - 公司正在加大对技术基础设施的现代化和弹性投资,以提高服务水平、客户体验,并降低风险和提高效率 [38][39] - 公司正在优化成本结构,通过裁员和其他措施来提高生产力和效率 [40][86][87][88] 管理层对经营环境和未来前景的评论 - 公司进入下半年时具有良好的市场环境和新业务动力,有望在当前宏观环境下产生价值 [22] - 管理层认为,只要利率处于当前较高水平,即使央行进行25-50个基点的降息,也不会对利差产生重大不利影响 [146][159][160][162] 其他重要信息 - 公司套现了一半的Visa股份,获得近9亿美元的税前收益,剩余一半股份仍待套现 [12][34][35][36][49][50][52] - 公司将部分Visa套现收益用于加大股票回购力度,约10%用于慈善基金会,剩余部分用于加速技术基础设施现代化和提高弹性 [36][37][38][39] - 公司还宣布了近2亿美元的重组费用和其他特殊项目,主要包括裁员相关的85百万美元补偿费用以及软件加速摊销等 [40][86][87][88] - 公司资本充足率保持较高水平,普通股一级资本充足率达12.6% [45][46] 问答环节重要的提问和回答 问题1 **Betsy Graseck提问** 询问公司剩余Visa股份的套现计划 [48][49][50][51][52] **Jason Tyler回答** 解释了公司剩余Visa股份的套现安排和时间表 [50][51][52] 问题2 **Brennan Hawken提问** 询问公司是否会跟随同业调整财富管理客户存款利率 [75][76][77][78][79][80] **Mike O'Grady回答** 表示公司会根据市场竞争情况调整存款利率定价,但也会考虑客户关系的整体性 [77][78][79] 问题3 **Mike Mayo提问** 询问公司资产托管业务的定位和策略 [92][93][94][95][96][97][98][99] **Mike O'Grady回答** 解释了公司在资产托管业务上的差异化定位和策略 [93][94][95][96][97][98][99]

Northern Trust Corporation's (NTRS) second-quarter 2024 earnings per share of $4.34 surpassed the Zacks Consensus Estimate of $1.75. The bottom line increased from $1.56 reported in the year-ago quarter. Results benefited from a rise in fee income. Also, an increase in total assets under custody (AUC) and assets under management (AUM) balances supported financials. Strong capital ratios were another positive. However, a rise in expenses and provisions were major headwinds. Revenues & Expenses Rise Quarterly ...

Northern Trust Corporation (NTRS) reported $2.72 billion in revenue for the quarter ended June 2024, representing a year-over-year increase of 54.5%. EPS of $1.78 for the same period compares to $1.79 a year ago. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. | --- | |--------------------------------------------------- ...

Over the last four quarters, the company has surpassed consensus EPS estimates three times. Northern Trust shares have added about 7.6% since the beginning of the year versus the S&P 500's gain of 18.8%. There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. It will be inter ...

Exhibit 99.3 Grace Higgins Second Vice President, Investor Relations (847) 946-9113 or grace.higgins@ntrs.com TABLE OF CONTENTS Fully taxable equivalent (FTE). Presentation on an FTE basis is a non-generally accepted accounting principle financial measure. Please refer to the Reconciliation to Fully Taxable Equivalent - Ratios on page 12 for further detail. Capital ratios for the current quarter are considered preliminary until the Form 10-Q is filed with the Securities and Exchange Commission. From April 1 ...

The current level reflects an upward revision of 3.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Analysts predict that the 'Asset Servicing Trust, Investment and Other Servicing Fees- Total' will reach $658.95 million. The estimate points to a change of +6.1% from the year-ago quarter. The average prediction of analysts places 'Asset Servicing Trust, Inves ...

Northern Trust has a decent earnings surprise history. Its earnings beat estimates in three of the trailing four quarters and missed once, the positive surprise being 8.64%, on average. Key Factors & Estimates for Q2 As the Federal Reserve kept the interest rates steady during the quarter at a 23-year high of 5.25-5.5%, NTRS is less likely to have recorded significant improvement in NII. Also, the inverted yield curve in the June-ended quarter and high funding costs are expected to have weighed on NII growt ...

Investors might want to bet on Northern Trust Corporation (NTRS) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices. Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street ...