A rise in trust income drove Northern Trust Corporation’s NTRS earnings surprise of 7.1% in third-quarter 2017. Earnings came in at $1.20 per share, outpacing the Zacks Consensus Estimate of $1.12. Also, the figure compared favorably with $1.08 recorded in the year-ago quarter.Results benefited from increase in net interest income and non-interest income. In addition, the quarter witnessed a rise in assets under custody and assets under management. However, escalating operating expenses acted as a headwind.Net income came in at $298.4 million, up 12% year over year.Revenues Rise, Costs EscalateTotal revenues of $1.36 billion was marginally above the Zacks Consensus Estimate of $1.35 billion. The reported figure was up 11% year over year.On a fully-taxable equivalent basis, net interest income of $366.2 million was up 11% year over year. This was driven by increased levels of average earning assets and higher net interest margin.Net interest margin was 1.29%, up 15 basis points from the prior-year quarter. The increase chiefly reflected higher short-term interest rates, partially offset by an unfavorable mix shift in balance sheet.Non-interest income grew 9% from the year-ago quarter to $991 million. Increase in trust, investment and other servicing fees, other operating income, and security commissions and trading income were the primary drivers for improvement.Non-interest expenses were up 11% year over year to $935.6 million in the quarter. This was mainly due to an increase in most components of expenses.Improvement in Assets Under Management and CustodyAs of Sep 30, 2017, Northern Trust’s total assets under custody increased 16% year over year to $7.75 trillion, while total assets under management rose 19% to $1.13 trillion.Improvement in Credit QualityTotal allowance for credit losses came in at $173.4 million, down 23% year over year. Net recoveries were $1.6 million, up from $0.8 million in the year-ago quarter.Also, credit provision was $7 million in the quarter compared with $3 million in the prior-year quarter. Further, non-performing assets declined 20% year over year to $145.5 million as of Sep 30, 2017. Strong Capital PositionUnder the Advanced Approach, as of Sep 30, 2017, Tier 1 capital ratio, total capital ratio and Tier 1 leverage ratio were 14.6%, 16.5% and 8% respectively, each exceeding the regulatory requirements.Capital Deployment ActivitiesDuring the third quarter, Northern Trust repurchased 1.41 million shares for $124.8 million at an average price of $88.43 per share. This includes shares related to share-based compensation.Our ViewpointResults of Northern Trust display a decent performance in the reported quarter. We remain optimistic by the consistent growth in assets under custody, revenues and an improving credit quality to some extent.However, costs continue to escalate due to ongoing investments in technology impacting compensation and equipment and software expenses. Further, elevated levels of non-performing assets remain a major concern.Northern Trust Corporation Price, Consensus and EPS Surprise Northern Trust Corporation Price, Consensus and EPS Surprise | Northern Trust Corporation QuoteCurrently, Northern Trust carries a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Major BanksCitigroup Inc. C delivered a positive earnings surprise of 7.6% in third-quarter 2017 on prudent expense management. Earnings per share of $1.42 for the quarter easily outpaced the Zacks Consensus Estimate of $1.32. Also, earnings compared favorably with the year-ago figure of $1.24 per share. Notably, results included after-tax gain related to the sale of a fixed income analytics business.Wells Fargo & Company’s WFC third-quarter 2017 adjusted earnings of $1.04 per share were in line with the Zacks Consensus Estimate. Including previously disclosed mortgage-related discrete litigation accrual of 20 cents per share, earnings came in at 84 cents per share, comparing unfavorably with the prior-year quarter’s earnings of $1.03 per share.JPMorgan Chase & Co. JPM reported third-quarter 2017 earnings of $1.76 per share, which easily surpassed the Zacks Consensus Estimate of $1.67. Also, the figure reflects a 11% rise from the year-ago period. Notably, the results included a legal benefit of $107 million.The Hottest Tech Mega-Trend of AllLast year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report J P Morgan Chase & Co (JPM): Free Stock Analysis Report Wells Fargo & Company (WFC): Free Stock Analysis Report Citigroup Inc. (C): Free Stock Analysis Report Northern Trust Corporation (NTRS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research