Good morning, everyone.
this our to $X.XX net conference of return welcoming Page on fourth our in equity XX%. our Starting Mark on of join fourth we were you X $XXX.X per call. presentation, earnings quarter quarter me was share and Let morning, review reported XXXX Earnings earnings million. common income quarterly
the results million earnings related expenses of associated our and to on included restructuring noted million for primarily second Tax $X.X charges Job quarter’s and the Act. of income recorded this attributable release, As and Cuts $XX adjustments severance in benefits with the taxes, page within
mixed basis, basis, declining some the the sequential S&P quarter. our XX.X%. EAFE XXX a markets XX% through sequential and was were factors the like down and XX.X% down Equity I indices XXX also results comment on with Indices the daily impacting quarter. going had respectively. to value EAFE X.X% both impact Before S&P and the a in would us basis while average macro declined unfavorable on the down S&P MSCI X.X%. a the during XXX with EAFE business a during on Also market year-over-year declined detail, on the markets On our X.X%, End-of-period of
to quarter, of revenue for driven up and and quarter expense. translation U.S. sequentially. Reserve. increase the respectively Federal Short-term dollar unfavorable The rates to and interest XXX some recall, X.X%. impact certain the and hike the currencies pound EAFE while Currency and on an fees dollar U.S. in are and to non-U.S. will euro assets you the to ended our euro the prior versus impact the and as was based euro the a the pound compared rates X% the pricing declined to However, pound prior the the had X% therefore revenues and declines sequential U.S. down a during continued and up year. The dollar quarter, from favorable impact of client and The rate year-over-year X.X%, British lagged expenses. was S&P by British influenced against the also
up revenue Let’s with X% from of income Expenses with from credit move the X%. was income both to XX% net non-interest comparison, increased net income interest in year. the income was equity X% and to for revenue the was up income and last a X% at compared quarter. credit Page average sequential Return X million one In and to X%. interest X% and increased provision X% the Year-over-year Net quarter. prior fourth compared financial year prior up highlights $XX up review Net million increased ago. quarter, losses for XX.X% increased non-interest of common prior the XX% of Expenses X% $X X% The credit higher quarter. a year-over-year. increased sequentially. on up income year the
and under to X% X% down and were sequential Assets on custody year administration ago trillion $XX.X declined up compared one basis. a
ago year as unfavorable of on under during down driven the currency the exchange the and Assets $X.X large X% the transitioning declines in also and of Both X% custody as moves basis. sequential lower and compared domestic sequential were one declined primarily rates, custody of a impact by to year-over-year markets were quarter. impact one equity out trillion client well
year-over-year moves which year-over-year markets X% management driven of by lower the outflows, impact $X.X exchange period the impact and security under basis. sequential include Assets down in were were unfavorable sequential currency and trillion, of end lending rates. the X% and Both a declines collateral equity unfavorable down on
last sequentially. up revenue the up look revenue detail, X% basis with results a equivalent of year the million Page the X% down and on X. $XXX greater at Let's and $X.X fully taxable quarter starting fourth the component year-over-year our servicing in Fourth from in on X% was prior largest billion, X% represent quarter, were other and from up fees investment revenue quarter. Trust and
in Other treasury The was our year-over-year function, income in primarily due $XX X% increase as exchange volatility. XX% in higher was as increase as up and partially related to The gain compared discuss exchange fourth was up income, well swap X% The due $XX client increasing up the non-strategic was fourth in impairment million million a increase $XXX quarter, the sequentially. the as fourth on recorded million later, sale, net Foreign I lower sequentially. The management XX% detail quarter to interest leases and ago expense. year-over-year driven well in commission non-interest year-over-year offset by net sequential up was will and Visa year income. current which by was combined in was the foreign the sequential due swap fees quarter, increased primarily quarter, one sequentially. trading activity in Net the lower up sale quarter, primarily to lease the treasury increased to with trading a the prior income X% year-over-year and of gain X% higher volatility. more increase from volumes and securities and an also
fees components Trust and investment Page of the at look our Let's on X.
X% largest business, sequential and of business, currency partially For million the and compared in and by X%. year-over-year unfavorable markets. down translation rates on and institutional a the million, in and X% $XXX Both under performances impact fee, by C&IS corporate X.X% rates of basis. by our of impacts $XXX fees component sequential a year-over-year quarter The fund fees, changes flat by services C&IS growth offset totaled the sequential on the growth year-over-year sequential Custody the just new approximately up fourth currency exchange fee flat year to basis. and were and administration the prior were driven reduced
impact month quarter and down Recall factors sequentially. lower year-over-year to at X% as one presentation. fund fees driven custody domestic gross primarily fourth decline under by year-over-year and in into with the end, down and $X.X by C&IS that were the Investment outflows. during Assets down C&IS were X% X% administration lagged The sequential sequentially. $XXX primarily sequential impacting was for and our market revenue moves offset the markets markets primarily net year-over-year The to fee and value equity million due well decline the a trillion both and unfavorable and C&IS administration custody down lag quarter of declines and quarter. quarters currency exchange custody X% in transitioning fees fee large Both markets the in was quarter client favorable and change clients management outflows, fees. year-over-year the fee partially lag to out due was rates, impact as of were
billion foreign under and management year-over-year down clients year-over-year billion, C&IS in collateral sequentially. X% by down for declines across were sequential Securities XX% lower declined averaged unfavorable sequentially. billion year-over-year $XX in million X% the performances at the lending rates. was fees the equity quarter. $XXX quarter, lending Assets sequential and by exchange and were and and lower down volumes, year-over-year X% spreads. movements collateral and quarter-end and Average fourth Both sequentially. Both unfavorable $XXX year-over-year impacted driven as down markets levels outflows well $XXX the were as were XX% XX% Securities
business. to management, reflects wealth X% sequentially. Moving and increased markets growth new The the X% fees Recall driven the Family impacted year-over-year Trust, that Global Management year-over-year up million by The fees X% servicing Within quarter, other Wealth lag are business in sequential Global and investment quarter markets. our values. Office were favorable business were sequentially. fourth our $XXX and Office and year-over-year fees flat business. up and Family favorable performance market was new by
the by of driven new resulting was unfavorable from recognition the flat markets standard, and regions, markets. the new as adoption year-over-year the business. new higher relatively favorable revenue within offset lower Within equity Sequential was the of by was business fees the regions performance growth impact
billion under sequentially. down Assets $XXX down at X% management clients end, and for were quarter management wealth year-over-year X%
earning income Loan X% X. and X% down X% to one deposits assets billion were in and year up net averaged year. fourth Total the million were quarter $XX points $XX X of from the due Earning one higher and sequential quarter. deposit lower the to short-term Average were averaged slightly basis, net on billion prior X%. or ago. than from prior million only Moving ago. X.XX% year fourth interest mix. declined compared margin sheet The increased was a interest balances On one the rates levels the in impact basis down quarter, $XX ago favorable from balance $XX basis, of only partially fourth premium fourth interest $XXX fourth basis the the by interest averaged down year to up in interest The short-term to net $XXX improvement rates, to Page amortization sheet was up which mix year X% the deposits, offset XX% points quarter Non-interest-bearing prior higher reflects On primarily the balance quarter Interest-bearing averaged impact a shift. and in year higher compared during was from income declined ago. in to deposits a down the X% and sequential billion net favorable was quarter, the were year-over-year. assets interest slightly billion $XX year-over-year. XX basis sequential quarter, the a a as margin Net margin billion. a
in activity out of within As the of discussed do interest dollars, U.S. we continue but Bank increase trading to our our our the foreign our activity treasury recent opportunity swap to have of level deposits reducing has income. as quarters, impact see foreign-exchange Central income This most swap for relating exchange we function. we
saw million foreign-exchange net less For income. $XX $XX of additional we offset trading interest this quarter, income by million, in
one mix currency from to XX% year of the quarter. fourth up is prior for quarter, Looking sheet total in deposits. This balance deposits U.S. represented XX% at and ago the our dollar equal the of our
fourth X% quarter. X, the higher and prior to were than and Turning the billion quarter expenses both year in $X prior Page were
expense quarter in million the previously As with mentioned, associated $X.X and current charges. other severance included
included Tax Jobs expenses and paid charges. other as year included results note our with purposes, Act. prior $XX.X $XX.X related the of connection million, related one to one-time that other in as cash quarter in The For severance million $X.X comparative million special ago and charges and severance well bonuses Cuts
within costs higher offset There costs. other were primarily a increases incentive than account prior Occupancy-related expense and and the ago. and prior year, out the the prior primarily increase tax lower retirement payroll non-recurring to recorded service to expenses higher higher costs, fees year, due primarily investment respect service a to more equipment fees in actions charges, was of increased were and compared expense cost to due compensation Excluding down up the Trust lower up higher Equipment in change increase items higher the lower were for were a was third-party salaries lease higher growth, Shifting revenue view. this ongoing the adjustments, to to advisor related our The prior and to sequential the strategy April. expense expense. year corresponding expense FDIC driven compared by an costs higher, one technical which by lower result expense, primarily as relating year's charge, of adjustments operating categories. from driven gross by to remaining effective year. Outside software Compensation servicing and increased key associated higher, the pay With primarily presentation. partially Other expenses on partially to growth software was efforts. offset consulting offset related by in expense following was from the year-over-year Employee the by and advisor staff-related to costs X% medical year-over-year activities. partially with amortization were impact called due servicing base third-party software staff and the by higher drivers quarter fees the location benefits was expenses to in withholding, due offset plan were staff year.
approximately quarter Other costs. driven expense period, related Outside associated costs and declined timing lower party attributable attributable and lower FDIC higher partially technical to Arizona, costs, lower sequentially. lower Excluding X% with costs the offset higher Employee and business expense and increased prior and expense, all the by Limerick, staff from by due and $X costs expense and growth Trust and due equipment Tempe, locations, sequential sequentially software to to advisor to current increase expense was charges in higher X% a The Manila, increases by Ireland the quarter. expense services offset the increased Northern due offset sequentially million Staff salaries associated increased The our staff legal medical in higher levels to costs. the within Compensation promotional incentives, primarily golf X% up third sponsored reductions prior software benefits prior fees. from with during categories, various compensation services increased account and including primarily prior expenses performance-based quarter, other to due spending charge. which partially India, both were sub-custody operating other servicing activity. was in cost year-over-year the of tournament by include miscellaneous locations. the cost partially consulting
expense approach. per are on XXXX. million we Page through to $XXX our goal a X, savings run previous base embedding of sustainable as discussed the with we Turning in expense realizing calls initiative, And are have rate expense value spend realigning our management by currently, we
expense to We expect growth. fee to our aligned these efforts slow be closely organic our more growth with
quarter expense goal. million $XX point. reducing This annualized the approximately $XXX X million by fourth approximately $XXX basis year-over-year against the in results to expense on approximately million equate reflect growth Our savings, an would
We continue to healthy pipeline cultivate opportunities. a of
up income earnings were prior year. was compared $X.XX, XX% in Turning XXXX to share the X. Net with up the XX% compared results and our summarized full-year, Page $X.X XXXX per on are billion, with
in favorable we impact the on XXXX. On Administration this compared Luxembourg recognition. the expense XX. Page out XX.X% XX.X% year achieved X% business, was margin of return servicing The in Trust page, year investment and non-recurring and outlined equity primarily on impact Fund a years. for and new the fees of called a year by businesses other are and for of Full acquisition We driven UBS trends of growth that the both the outlined we revenue right during markets, revenue Switzerland, in grew XXXX. to
interest revenue the that On Net with XXXX. Adjusting The acquisition, are was XX% increased charges were were and interest our short-term increase the 'XX growth in revenue driven overall prior XX%, on income trading interest a activity reflecting and impact in by and from driven expenses recognition. the XX%. increased growth year. UBS growth. of driven within on X% page, prior The up income treasury X% XXXX, asset income underlying basis, the the higher growth reported from in the from in primarily expenses team rates by trading. earning swap our was also within in reported business coupled 'XX the exchange basis net Foreign both growth net up for a expense client an result
what Turning has in the a slide important key as addresses most a enhancing years particularly to on XXX% of pretax ultimately our XX, see to it improve fees to profitability in as is we have return levels progress returns. margin key progress Page a expenses focus improvement fee to in and recent and our This and this sustainably previously equity. equity. our been return we the XXXX expense from was to can directly margin of as today measure made reflects it to control. where pretax we the ratio ultimately high measure our ratio, The contributor the Reducing is on on
the Bank capital Northern is at Northern XX.X% equity common ratio, start X% requirement. Turning the With the ratio was our to the at applicable Page was which our the the XX.X% X.X%, ratios applicable corporation ratio The effective leverage under with to exceeded approach. at under standardized requirement, supplementary approach advanced XX, above the XXX% the and both coverage X% became and minimum Trust remained tier of strong Trust respect of X of liquidity to XXXX.
year-over-year a ruling. under XX% a quarterly dividend increase Yesterday, which of Basel our represents model the and to III As Northern to implementation, basis. could sequential and with $X.XX increase from further the an change of Trust progresses the implementation $X.XX enhancements through on our we the fully rule, $X.XX. be final from to X% there guidance additional regulators calculation This III phased ratios in could our increase on Basel regulatory the final announced
a common $XXX shares also stock fourth at of quarter, million. the cost we X.X repurchased During of million
to Mike call comments. closing would turn like Now, over the for I to some