Reporting Segments (Tables)

6 Months Ended

Jun. 30, 2023

The following table presents the earnings contributions and average assets of Northern Trust’s reporting segments for the three- and six-month periods ended June 30, 2023 and 2022.

TABLE 63: RESULTS OF REPORTING SEGMENTS


($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER						RECONCILING ITEMS				TOTAL CONSOLIDATED
THREE MONTHS ENDED JUNE 30,	2023			2022			2023			2022			2023			2022			2023		2022		2023			2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	621.2		$	642.8		$	475.1		$	500.6		$	—		$	—		$	—	$	—	$	1,096.3		$	1,143.4
Foreign Exchange Trading Income (Loss)	52.0			74.8			(1.9)			2.8			—			—			—		—		50.1			77.6
Other Noninterest Income	69.7			61.8			40.4			32.8			(10.9)			(5.6)			—		—		99.2			89.0
Total Noninterest Income	742.9			779.4			513.6			536.2			(10.9)			(5.6)			—		—		1,245.6			1,310.0
Net Interest Income	309.3			255.1			215.3			214.7			—			—			(13.1)		(11.1)		511.5			458.7
Revenue	1,052.2			1,034.5			728.9			750.9			(10.9)			(5.6)			(13.1)		(11.1)		1,757.1			1,768.7
(Release of) Provision for Credit Losses	(3.5)			0.5			(12.0)			4.0			—			—			—		—		(15.5)			4.5
Noninterest Expense	849.4			751.1			476.3			439.1			6.2			33.4			—		—		1,331.9			1,223.6
Income before Income Taxes	206.3			282.9			264.6			307.8			(17.1)			(39.0)			(13.1)		(11.1)		440.7			540.6
Provision for Income Taxes	52.6			74.5			73.7			90.7			(4.3)			(9.7)			(13.1)		(11.1)		108.9			144.4
Net Income	$	153.7		$	208.4		$	190.9		$	217.1		$	(12.8)		$	(29.3)		$	—	$	—	$	331.8		$	396.2
Percentage of Consolidated Net Income	46		%	53		%	58		%	54		%	(4)		%	(7)		%	N/A		N/A		100		%	100		%
Average Assets	$	111,029.9		$	117,047.6		$	34,869.7		$	37,036.5		$	—		$	—		N/A		N/A		$	145,899.6		$	154,084.1



($ In Millions)	ASSET SERVICING						WEALTH MANAGEMENT						OTHER						RECONCILING ITEMS				TOTAL CONSOLIDATED
SIX MONTHS ENDED JUNE 30,	2023			2022			2023			2022			2023			2022			2023		2022		2023			2022
Noninterest Income
Trust, Investment and Other Servicing Fees	$	1,224.2		$	1,305.2		$	935.7		$	1,006.6		$	—		$	—		$	—	$	—	$	2,159.9		$	2,311.8
Foreign Exchange Trading Income (Loss)	106.9			152.2			(3.8)			6.3			—			—			—		—		103.1			158.5
Other Noninterest Income	132.9			122.9			74.7			64.6			(11.6)			(10.1)			—		—		196.0			177.4
Total Noninterest Income	1,464.0			1,580.3			1,006.6			1,077.5			(11.6)			(10.1)			—		—		2,459.0			2,647.7
Net Interest Income	621.4			445.2			447.6			412.3			—			—			(26.3)		(17.8)		1,042.7			839.7
Revenue	2,085.4			2,025.5			1,454.2			1,489.8			(11.6)			(10.1)			(26.3)		(17.8)		3,501.7			3,487.4
(Release of) Provision for Credit Losses	(6.4)			8.9			5.9			(2.4)			—			—			—		—		(0.5)			6.5
Noninterest Expense	1,650.4			1,509.0			945.5			884.2			21.6			36.3			—		—		2,617.5			2,429.5
Income before Income Taxes	441.4			507.6			502.8			608.0			(33.2)			(46.4)			(26.3)		(17.8)		884.7			1,051.4
Provision for Income Taxes	113.1			126.3			139.8			169.0			(8.3)			(11.6)			(26.3)		(17.8)		218.3			265.9
Net Income	$	328.3		$	381.3		$	363.0		$	439.0		$	(24.9)		$	(34.8)		$	—	$	—	$	666.4		$	785.5
Percentage of Consolidated Net Income	49		%	49		%	55		%	55		%	(4)		%	(4)		%	N/A		N/A		100		%	100		%
Average Assets	$	111,143.6		$	121,114.2		$	35,830.2		$	36,977.1		$	—		$	—		N/A		N/A		$	146,973.8		$	158,091.3