Shares of Northern Trust were higher Wednesday after the financial services firm reported significant net interest income growth in the second quarter.
At 12:09 a.m. ET, shares were up 14% at $81.63, on pace for its largest percent increase since March 13, 2020, when the stock rose 21%.
Northern Trust posted a net profit of $331.8 million, or $1.56 a share, compared with $396.2 million, or $1.86 a share, for the same period a year earlier.
Net interest income climbed 12% to $524.6 million, Northern Trust said.
Revenue fell 1% to $1.77 billion, but came in in line with the expectations of analysts polled by FactSet.
“As we enter the second half of the year, we remain vigilant in our efforts to grow and deepen our client franchise while driving greater efficiency in our operating model,” Chief Executive Michael O’Grady said.