David Fox

Executive VP & CFO, Northern

Search every verified David Fox interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. David Fox, Executive Vice President and Chief Financial Officer at Northern Trust, participated in the company’s second and third quarter 2025 earnings conference calls. In the third quarter, Fox reported net income of $458 million, earnings per share of $2.29, and a return on average common equity of 14.8%. He noted that the company delivered positive operating leverage of 110 basis points and returned nearly 100% of earnings to shareholders. Fox stated that trust and investment servicing fees totaled $1.3 billion, a 6% increase year-over-year, while net interest income was $596 million, up 5% from the prior year. He described credit quality as “very strong” and said the company recorded a $17 million release of the credit reserve. Fox also said that deposits ended September at $135 billion and that the company expects a slight pickup in the fourth quarter. He projected that net interest income in 2026 would be flat to up 1 to 2%, assuming no more than two U.S. rate cuts. In the second quarter, Fox reported net income of $421 million, earnings per share of $2.13, and a return on average common equity of 14.2%. He described net interest income as a record $615 million, up 16% year-over-year. Fox noted that the provision for credit losses increased to $16.5 million, largely due to a small number of non-performing loans, and said the company expected a return to more normalized levels in subsequent quarters. He stated that the company returned $486 million to common shareholders, reflecting a payout ratio of 117%. Fox also highlighted new disclosures in the company’s earnings materials, saying they aimed to “enhance the quality and transparency of our disclosures, ensuring we are responsive to shareholder feedback.”