Morgan Stanley has reported a net income of $2.26bn, or $1.38 per diluted share, for the third quarter ended 30 September 2023, a 9% decline compared to $2.49bn, or $1.47 per diluted share, for the same period in 2022.
The US investment bank reported net revenues of $13.27bn for the third quarter (Q3) of 2023, a 1% decrease compared to $12.98bn for the same period in the previous year.
Morgan Stanley reported a pre-tax income of $3.14bn for Q3 2023, a 7% decline compared to $3.38bn for the same quarter in 2022.
The company’s return on tangible equity (ROTE) for the reported period was 13.5%, which declined compared to 14.6% for the respective quarter in the previous year.
Morgan Stanley chairman and CEO James Gorman said: “Our Equity and Fixed Income businesses navigated markets well, and both Wealth and Investment Management produced higher revenues and profits year-over-year.
“We completed the integration of E*TRADE in the quarter, further executing on our strategy of building revenue synergies across channels and attracting clients to our best-in-class advice offering.
“Our ability to gather assets, together with our strong capital position and leading client franchises, position us to deliver continued growth and strong shareholder returns going forward.”
Morgan Stanley’s Institutional Securities business reported net revenues of $5.66bn for Q3 2023, a 2.5% decline compared to $5.81bn for the same period in 2022.
The US investment bank’s Wealth Management unit reported net revenues of $6.4bn for Q3 2023, a 5% increase compared to $6.1bn for the respective quarter in the previous year.
The company’s Investment Management business reported net revenues of $1.3bn for Q3 2023, compared to $1.16bn for the same quarter in 2022.
