Reporting Segments (Tables)

3 Months Ended

Mar. 31, 2023

The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three months ended March 31, 2023 and 2022.

TABLE 58: RESULTS OF REPORTING SEGMENTS


($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER						RECONCILING ITEMS				TOTAL CONSOLIDATED
THREE MONTHS ENDED MARCH 31,	2023			2022			2023			2022			2023			2022			2023		2022		2023			2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	603.0		$	662.4		$	460.6		$	506.0		$	—		$	—		$	—	$	—	$	1,063.6		$	1,168.4
Foreign Exchange Trading Income	54.9			77.4			(1.9)			3.5			—			—			—		—		53.0			80.9
Other Noninterest Income	63.2			61.1			34.3			31.8			(0.7)			(4.5)			—		—		96.8			88.4
Total Noninterest Income	721.1			800.9			493.0			541.3			(0.7)			(4.5)			—		—		1,213.4			1,337.7
Net Interest Income	312.1			190.1			232.3			197.6			—			—			(13.2)		(6.7)		531.2			381.0
Revenue	1,033.2			991.0			725.3			738.9			(0.7)			(4.5)			(13.2)		(6.7)		1,744.6			1,718.7
Provision for Credit Losses	(2.9)			8.4			17.9			(6.4)			—			—			—		—		15.0			2.0
Noninterest Expense	801.0			757.9			469.2			445.1			15.4			2.9			—		—		1,285.6			1,205.9
Income before Income Taxes	235.1			224.7			238.2			300.2			(16.1)			(7.4)			(13.2)		(6.7)		444.0			510.8
Provision for Income Taxes	60.5			51.8			66.1			78.3			(4.0)			(1.9)			(13.2)		(6.7)		109.4			121.5
Net Income	$	174.6		$	172.9		$	172.1		$	221.9		$	(12.1)		$	(5.5)		$	—	$	—	$	334.6		$	389.3
Percentage of Consolidated Net Income	52		%	44		%	52		%	57		%	(4)		%	(1)		%	N/A		N/A		100		%	100		%
Average Assets	$	111,215.3		$	125,234.9		$	36,844.6		$	36,908.1		$	—		$	—		N/A		N/A		$	148,059.9		$	162,143.0

Note: Segment results are stated on an FTE basis. The FTE adjustments are eliminated in the reconciling items column with the Corporation’s total consolidated financial results stated on a GAAP basis. The adjustment to an FTE basis has no impact on net income.