Morgan Stanley Q3 net income at $1.6 billion
Morgan Stanley reported on Wednesday that its net revenues in the third quarter of 2016 stood at $8.9 billion, marking an increase from the $7.8 billion recorded in the same period last year.
Net income in the third quarter was $1.6 billion, compared to $1 billion achieved in the July to September period last year. The bank’s earnings per diluted share in the three-month period rose from $0.48 in 2015 to $0.81 this year.
“This quarter we saw record revenues in Wealth Management and a strong performance in our Sales and Trading business. While the environment was more challenging for our equity underwriting and asset management businesses, our expense initiatives remain on track. Overall the results reflect steady progress against our long term strategic goals,” CEO James P. Gorman said.
The bank ended yesterday's trade 1.67% in the green.