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4/16, 1:32 PM (Source: TeleTrader)
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Morgan Stanley's net revenues soar 60% to $15.7B in Q1

Morgan Stanley and Co. said on Friday its revenues in the first quarter of 2020 stood at $15.7 billion, surging 60% compared to the same period in 2020 and topping market estimates.

The lender's diluted earnings per share (EPS) skyrocketed 117% year on year to $2.19 and net income amounted to $4.1 billion. Meanwhile, the bank's return on tangible equity was 21.1%.

"The Firm delivered record results. The integrated Investment Bank continues to thrive. We closed the acquisition of Eaton Vance which takes Investment Management to over $1.4 trillion of assets. Wealth Management brought in record flows of $105 billion. The Firm is very well positioned for growth in the years ahead," CEO James Gorman stated.

Morgan Stanley shares climbed 0.97% in premarket trading on better-than-expected results.

Breaking the News / NP