Northern Trust has reported a 5% rise in securities lending fees in the first quarter of 2016.

In its latest figures, the Chicago-based bank said stock loan fees totalled $22.6m between January and March.

The performance, up on the $21.6m achieved during same period last year, was driven in part by higher spreads.

It comes as over $50bn worth of new assets have been added to the company’s EMEA sec lending business alone since January 2016, through a mixture of custody related and third-party deals.

Custody and fund administration also improved in the first quarter, up 3% to $286.4m, helped by new business.

For Northern Trust overall, revenue totalled $1.19bn, an increase from the $1.13bn achieved in the prior-year quarter.

Frederick Waddell, chairman and chief executive, said the business performed well so far this year, despite the volatile market environment.

“Total revenue grew 5%, with strong growth in net interest income and steady growth in trust, investment and other servicing fees," he said in a statement on Tuesday.

“Expenses increased 5%, as we continued to invest in people, technology and regulatory initiatives to support our growing business.”