Northern Trust Corp (NASDAQ:NTRS) stock fell 0.19% (As on January 19, 11:35:21 AM UTC-4, Source: Google Finance) after the company posted mixed results for the fourth quarter of FY 23. Net income was $113.1 million, compared to $327.8 million in the prior quarter and $155.7 million in the prior-year quarter. Total Asset Servicing trust, investment and other servicing fees decreased sequentially and increased from the prior-year quarter. Custody and fund administration fees decreased sequentially primarily due to unfavorable markets. Custody and fund administration fees increased from the prior-year quarter primarily due to favorable markets, favorable currency translation, and new business, partially offset by asset outflows. Investment management fees decreased sequentially primarily due to asset outflows and unfavorable markets. Investment management fees increased from the prior-year quarter primarily due to favorable markets. Total Wealth Management trust, investment and other servicing fees decreased sequentially and increased from the prioryear quarter. Fees in the regions decreased sequentially primarily due to unfavorable markets, partially offset by asset inflows. Fees in the regions increased from the prior-year quarter primarily due to favorable markets, partially offset by product-related asset outflows. Fees in GFO decreased sequentially primarily due to asset outflows and unfavorable markets. Fees in GFO increased from the prior-year quarter primarily due to asset inflows and favorable markets.

NTRS in the fourth quarter of FY 23 has reported the adjusted earnings per share of $1.46, beating the analysts’ estimates for the adjusted earnings per share of $1.33, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of $1.55 billion in the fourth quarter of FY 23, missing the analysts’ estimates for revenue by 7.18%. Net interest income on an FTE basis increased sequentially primarily due to a favorable balance sheet mix and higher average interest rates. Net interest income on an FTE basis decreased compared to the prior-year quarter primarily due to lower average earning assets, partially offset by higher average interest rates.

During the current quarter, the Corporation declared cash dividends totaling $156.2 million to common stockholders. The Corporation repurchased 1,957,885 shares of common stock, including 21,985 withheld to satisfy tax withholding obligations related to share-based compensation, at a total cost of $146.2 million ($74.68 average price per share). The Corporation also declared cash dividends totaling $4.7 million to preferred stockholders during the current quarter.