Northern Trust posts smaller drop in Q3 profit on robust fee-based income

Asset and wealth manager Northern Trust on Wednesday posted a smaller-than-expected drop in third-quarter profit as a rise in fee-based income cushioned the hit from a drop in its interest income. Rising interest rates have dented economic stability and, with recession fears lingering, kept investor confidence in check. The bank's trust, Investment and Other Servicing Fees for the quarter rose 3%, to $1.11 billion, compared with a year earlier, offsetting the drag from an 11% decrease in its net interest income.