Pretax profits at an Irish unit of US bank Northern Trust last year increased 10 per cent to €23.18 million.
Northern Trust Corporation has offices in Limerick and in Dublin and new accounts for Northern Trust Fiduciary Services (Ireland) Ltd show that pretax profits increased after revenues rose by 9 per cent to €125.87 million.
The company recorded an after tax profit of €19.79 million after incurring a corporation tax charge of €3.38 million.
The company last year paid out a dividend of €50 million to immediate parent, Northern Trust (Ireland) Ltd.
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In total last year, Northern Trust (Ireland) Ltd received €175 million in dividends from three connected Irish firms that also included a dividend of €75 million from Northern Trust Management Services (Ireland) Ltd and a €50 million dividend from Northern Trust International Fund Administration Services Ltd.
In turn, Northern Trust (Ireland) Ltd paid out a dividend of $188 million (€160 million) in July 2024 to The Northern Trust Scottish Ltd Partnership.
Northern Trust has been in Ireland since 1989 and opened its Dublin office in 2000 and is today one of Ireland’s largest fund administrators and custodians, supporting global investors across a full spectrum of asset classes and strategies.
The company’s first Limerick office opened in 2007 with 19 staff and the company today employs over 1,800 people across its Dublin offices and two sites in Limerick at Hamilton House and City East Plaza where its Limerick operation has grown rapidly in recent years.
The principal activity of Northern Trust Fiduciary Services (Ireland) Ltd is the provision of a fully integrated custody, depositary and trustee services to collective investment schemes.
The directors state that custody, trustee and depositary fee revenue and AUC (Assets Under Contract) increased during the year “primarily driven by positive equity markets and new business generated by both existing clients through new fund launches and new clients”.
The company’s balance sheet shows that at the end of December last, its shareholder funds totalled €132.6 million while its accumulated profits amounted to €107.4 million.
A separate Irish based Northern Trust firm, Northern Trust Management Services Ltd employs the firm’s Irish based staff and underlining the contribution the firm makes to the economy staff costs at Northern Trust Management Services Ltd for 2023 totalled €163.28 million as numbers employed increased from 1,825 to 1,851.
Globally in 2024 Northern Trust’s revenues increased by 22 per cent from $6.8 billion to $8.3 billion and it recorded pretax profits of $2.65 billion.
