Getty
- Morgan Stanley released its Q3 earnings on Thursday and it beat expectations.
- The bank surged 4% in premarket trading.
- CEO James Gorman said that the bank remains “committed to controlling our expenses and are well positioned to pursue our growth initiatives.”
- View Markets Insider’s homepage for more stories
Morgan Stanley smashed expectations on Thursday after releasing its earnings for the third quarter.
The bank in a statement highlighted increased revenues, which it said was its highest third-quarter earnings in the last decade. The bank added that Wealth Management delivered a pre-tax margin of 28.4%, as well as Investment Management revenues growing 17%.
Sales and Trading net revenues also increased by 10% from a year ago to $3.5 billion.
CEO James Gorman said that “We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets.”
He added, “Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range. Our consistent performance shows the stability of our business model. We remain committed to controlling our expenses and are well positioned to pursue our growth initiatives.”
Here’s a look at the key numbers:
- Net Income: $2.1 billion against the $1.85 billion expected.
- Earnings per share: $1.27 per share against the $1.1 per share expected.
- Revenue: $10 billion against the $9.6 billion estimate.
- Return on equity: 11.2%.
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
