Northern Trust, the third- biggest independent U.S. custody bank, said third-quarter profit rose 15% as cost cuts combined with rising stock markets pushed revenue higher.

Net income increased to $203 million, or 84 cents a share, from $176 million, or 73 cents, a year earlier, the Chicago- based company said today in a statement. Results matched the 84- cent average estimate of seven analysts surveyed by Bloomberg.

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