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![NORTHERN TRUST CORP [NTRS] reports annual net loss of $1.1 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FNTRS.png&w=1200&q=75)
NORTHERN TRUST CORP [NTRS] has reported a net loss of $1.1 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $7.3 billion
Based in CHICAGO, Illinois, NORTHERN TRUST CORP operates in the FINANCE sector.
In the 12 months ended on December 31, 2023, the financial performance of the company demonstrated fluctuations compared to the same period in the previous years.
In terms of Noninterest Income, Trust, Investment and Other Servicing Fees saw a slight decrease from $4,432.6 million in 2022 to $4,361.8 million in 2023. Foreign Exchange Trading Income also experienced a decline from $288.6 million in 2022 to $203.9 million in 2023. However, Other Operating Income showed an increase from $191.3 million in 2022 to $228.7 million in 2023.
Net Interest Income witnessed a slight increase from $1,887.2 million in 2022 to $1,982.0 million in 2023. The Provision for Credit Losses also increased from $12.0 million in 2022 to $24.5 million in 2023, impacting the Net Interest Income after Provision for Credit Losses, which rose from $1,875.2 million in 2022 to $1,957.5 million in 2023.
In terms of Noninterest Expense, the figures showed an overall increase. Compensation expenses rose from $2,248.0 million in 2022 to $2,321.8 million in 2023. Furthermore, Employee Benefits, Outside Services, Equipment and Software, and Other Operating Expense also experienced growth in 2023 compared to 2022.
Income before Income Taxes decreased from $1,766.3 million in 2022 to $1,464.8 million in 2023. This led to a decrease in Net Income from $1,336.0 million in 2022 to $1,107.3 million in 2023.
When looking at Earnings per Share, the company reported a decline with Net Income - Basic dropping from $6.16 in 2022 to $5.09 in 2023, and Net Income - Diluted decreasing from $6.14 in 2022 to $5.08 in 2023.
Overall, the company faced challenges in its financial performance in 2023 compared to the previous year, with decreases in revenue, net income, and earnings per share. Efforts to manage expenses and enhance revenue streams may be crucial in the upcoming periods to ensure sustainable growth and profitability.
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