One of the forces driving up the earnings figures was a sale of Visa shares this year.

Chicago-headquartered group Northern Trust yesterday reported that net income was $896.1 million, tripling from $214.7 million in the prior quarter and rising from $331.8 million in the same period a year earlier. 

A sale of Visa shares this year produced a net gain of almost $900 million, the group said. 

The profit figure rose sharply on the back of a 54 per cent year-on-year rise in revenue, sufficient to outweigh higher noninterest costs and a rise in provision for income taxes, Northern Trust said in a statement. 

“Trust fees grew 6 per cent over the prior year, deposit levels proved resilient, and core expenses were well-managed. Reported results included approximately $200 million in restructuring charges and other notable items, reflecting, in part, continued steps we are taking to optimize our cost base and drive efficiencies,” Michael O’Grady, chief executive, said.

“In the quarter, we participated in Visa’s Class B common stock exchange offer, leading to a nearly $900 million gain and helping to drive our CET1 ratio (Common Equity Tier 1 ratio) to 12.6 per cent,” he said. “With the proceeds, we are contributing $70 million to our foundation and making important investments in our client franchise and enterprise resiliency, all while returning $405 million to shareholders.”

Total assets under management at the end of June stood at $1.527 trillion, rising 12 per cent year-on-year; assets under custody/administration rose 14 per cent to $16.567 trillion.