Northern Financial Corp. today reported substantially improved profit for the second quarter ended Sept. 30, 2005 reflecting the continuing expansion of Northern’s capital markets platform.

Net income in the second quarter of was $191,861, compared with a net loss of $1,700,400 in the second quarter of fiscal 2005.

Revenue in the second quarter was $5,013,732, compared with $2,184,769 in the second quarter of fiscal 2005.

Underwriting and advisory revenue was $3,076,368, representing a 169% increase over the $1,140,885 recorded in the second quarter of the previous year.

Commission revenue was $1,346,867 in the second quarter, an increase of 33% compared to commission revenue of $1,011,498 in the second quarter of the previous year. In addition, trading revenue was $326,650 compared with a trading loss of $225,441 in the previous year.

“Northern has some very good momentum which is due to the performance of our very good people, our continued success in hiring very good people, the collegial and unifying team play culture at Northern, and our laser beam commitment to make money for our clients,” said Vic Alboini, chairman and CEO, in a release.

“There is more work to be done in our platform, both in the hiring of investment advisors to expand our Private Client group and in the continued growth of our Capital Markets platform with the hiring of analysts, institutional equity traders, institutional salespersons and investment bankers,” he added.

Northern Financial Corp. wholly owns Northern Securities, a full service brokerage firm that provides financial advisory services to retail and institutional clients and investment banking services to small capitalization companies.