Northern Trust’s stock jumped more than 14% on Wednesday after the company reported a smaller-than-expected dip in second-quarter net interest income.

Higher interest rates and slower deposit losses drove the increase.

Northern Trust’s net interest income of $524.6 million was 12% higher than the previous quarter’s net interest income of $469.8 million, but 4% lower than the previous quarter.

Analysts at Goldman Sachs, lead by Alexander Blostein, called the NII a “relatively good result” and predicted a larger reduction.

Profit plummeted 17% to $323.7 million, owing primarily to higher severance-related charges and an investment write-off.

Total revenue decreased by 1% to $1.77 billion, while total assets under custody climbed by 5% to $14.48 trillion.

Northern Trust’s stock was trading at $82.14, its highest one-day percentage rise since March 2020.