NTRS · Northern Trust Q2 FY2026 earnings call record财报电话会记录

“Total revenue increased 13%, driven by 10% growth in trust fees, 11% growth in net interest income, and 69% growth in capital markets revenues, including foreign exchange trading and securities commissions and trading income.”

“Importantly, strong revenue growth combined with expense discipline drove positive operating leverage of over 700 basis points, excluding notable items.”

“GFO revenue increased 9% in the first half of 2026, and continued momentum internationally.”

“Pre-tax income was $1.1 billion, and our pre-tax margin was 39.6%.”

“Total expenses were down 1% sequentially and up 5% year-over-year, and we delivered over 700 basis points of operating leverage.”

“Pre-tax income was $334 million, generating a pre-tax margin of 37%.”

“Securities lending income was $29 million, up 46% year-over-year, driven by elevated demand for U.S.”

“We returned $499 million to common shareholders in the quarter through common stock dividends declared of $148.8 million and common stock repurchases of $350.6 million.”

“Excluding notable items, we now expect to deliver approximately 400 basis points of operating leverage for the full year.”

“It still implies solid growth and positive operating leverage in our business going forward.”

“Is that presenting a headwind to fee revenue in that business and how we should think about the pre-tax margins in servicing going forward?”

“You saw that we had significantly higher volumes, but also it's the nature of the loans and the collateral for that.”