Return on average common equity was 11.3 per cent, compared to 9.3 per cent in Q1 2014 and 11.5 per cent in Q4 2014.

The Chicago, IL-headquartered firm reported first quarter net income per diluted common share of $0.94, compared to $0.75 in Q1 2014 and $0.98 in Q4 2014.

Revenue of $1.13 billion was up $94.0 million, or 9 per cent, from $1.04 billion a year ago.

Wealth management trust, investment and other servicing fees (which represents two-thirds of Northern Trust's total revenue) stood at $320.2 million, rising by $19.9 million - or 7 per cent - from $300.3 million in Q1 2014.

Northern Trust said higher wealth management fees across regions and the global family office segment were primarily attributable to higher equity markets and new business.

The provision for credit losses was $4.5 million in the current quarter, reflecting improved credit quality across the loan portfolio. A provision of $3.0 million was recorded a year ago.

New board director

In a separate announcement, Northern Trust said Douglas Nowers, a chartered financial analyst and strategy consultant to Canadian financial firms, joined the company's board of directors in Canada.

Nowers spent the past eight years within the global fixed income team at Canadian Imperial Bank of Commerce World Markets.

He has also served as chief executive of CIBC Mellon, an institutional asset servicing provider; president and CEO of Applause Corporation; and president of Noble Mortgage Corporation.