• Northern Trust average return on tangible equity for 2023 was 10.58, a 21.8% increase from 2022.
• Northern Trust average return on tangible equity for 2022 was 13.53, a 13.98% decline from 2021.
• Northern Trust average return on tangible equity for 2021 was 11.87, a 4.35% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.