Low rates hurt Northern Trust

NORTHERN Trust said yesterday its fourth-quarter profit fell 22 per cent, citing low interest rates.

For the three months that ended 31 December, the trust bank reported a profit of $157.1m (£98m), or 64 cents per share, compared with a profit of $200.3m, or 82 cents per share, a year earlier.

The results for the quarter benefited from an after-tax expense reduction of $12.9m, or five cents per common share.