How did Q1 operating income build vs. Q4 2025?
USD millions · revenue tailwinds (green) less cost headwinds (red) · totals dark navy
Northstar Capital · Board Report
Q1 2026 — performance, risk, and outlook for the quarter ending 31 March 2026.
01
Financial performance
02
Customer assets & deposits
How is AUM composition shifting across customer segments?
USD billions · last 5 quarters · totals on top of each stack
Are net deposits tracking the FY plan?
USD millions · monthly · solid line = actuals · dashed = plan
03
Risk & capital
Has the non-performing loan ratio breached internal threshold?
% of loan book · monthly · dashed line = internal threshold (1.50%)
Risk note
Above threshold since Feb 2026. Concentrated in commercial real-estate book; residential mortgage book remains stable at 0.42%.
Coverage ratio (provisions / NPL) at 86%, within risk appetite of ≥80%.
Mitigation: tightened underwriting on CRE LTV > 70% from March; impact expected to materialize Q3.
A
Appendix: detailed figures
| Metric | Q1 26 | Q4 25 | QoQ | Q1 25 | YoY | 4Q trend |
|---|---|---|---|---|---|---|
| AUM ($B) | 4.84 | 4.47 | 8.2% | 3.92 | 23.5% | |
| Net deposits ($M) | 310 | 268 | 15.7% | 252 | 23.0% | |
| Revenue ($M) | 68.7 | 61.8 | 11.2% | 54.4 | 26.3% | |
| Operating income ($M) | 28.4 | 24.1 | 17.8% | 19.6 | 44.9% | |
| Cost / income ratio | 41.8% | 44.4% | 2.6 pp | 48.2% | 6.4 pp | |
| NPL ratio | 1.62% | 1.44% | 0.18 pp | 1.20% | 0.42 pp | |
| CET1 ratio | 14.2% | 14.5% | 0.3 pp | 13.8% | 0.4 pp |
- AUM measured at quarter-end at fair value. Includes managed accounts and advisory mandates.
- Net deposits = gross inflows minus outflows; excludes intra-firm transfers.
- Cost / income ratio = total operating expenses / total operating income; excludes one-off restructuring charges.
- NPL ratio per IFRS 9 stages 2 and 3 as % of total loan book; coverage ratio = stage-3 provisions / stage-3 exposure.
- CET1 ratio per Basel III standardised approach. LCR = Liquidity Coverage Ratio. NSFR = Net Stable Funding Ratio.
- All figures unaudited; reviewed by internal audit. External audit ongoing — final figures expected 30 June 2026.
Commentary
Income expansion is dominated by +$5.4M from interest income on the loan book repricing, with a smaller contribution from fee income.
Cost growth concentrated in compliance hires following the regulatory review, expected to plateau in Q3 once team is fully staffed.