The bank beat analyst earnings expectations on Wednesday.
- Morgan Stanley reported earnings of $1.45 per share Wednesday morning, well ahead of the expected $1.28.
- The bank said it set new records for revenue and adjusted net income, as well as its equities and wealth management businesses.
- Follow Morgan Stanley’s stock price in real-time here.
Here are the key numbers (emphasis added):
- Revenue: $11.1 billion, up 14% from last year and a record. (Analysts had expected $10.36 billion).
- Adjusted net income: $2.7 billion, up 38% from last year, and also a record. (Analysts had expected $2.23 billion).
- Equities: Revenues of $2.6 billion, up 27% from last year and a record.
- Fixed income: Revenues of $1.9 billion, the highest number since the first quarter of 2015.
- Investment banking: Revenues of $1.5 billion, up from $1.4 billion a year earlier, with advisory and equity underwriting fees up.
- Wealth Management: Revenues of $4.4 billion, and record pre-tax income of $1.2 billion.
“It shouldn’t surprise anyone as it’s now become the norm: With Morgan Stanley, there is always something good under the bank’s earnings tree,” Axel Pierron, managing director at Opimas, a capital markets consultancy, said in an email. “Morgan Stanley’s earnings have again beaten market expectations.”
Shares of the bank, which has $126.9 billion in assets, are up 5% since the beginning of 2018.
Most other Wall Street banks have also reported stellar first quarter results. You can find their individual earnings reports here: