Morgan Stanley has reported a 40.8% increase in its net income for the second quarter of 2024 (Q2 2024) that ended 30 June 2024 at $3.07bn compared to $2.18bn reported in the same quarter of the previous year.
The earnings per diluted share for the American investment bank and financial services company in Q2 2024 jumped nearly 47% to $1.82 from $1.24 in Q2 2023.
In the previous quarter, that is Q1 2024, Morgan Stanley’s net income was $3.4bn and earnings per diluted share was $2.02.
Morgan Stanley’s net revenue for the reported quarter was $15bn, an 11.5% growth from the net revenues of $13.45bn made in Q2 2023.
The company’s return on tangible equity (ROTE) for Q2 2024 was 17.5% compared to 12.1% for the respective quarter in the previous year.
Morgan Stanley’s net revenues in institutional securities were nearly $7bn for the reported quarter, which is 23% greater than the corresponding previous quarter. The unit reported a pre-tax income of $2bn.
The bank’s net revenues in the wealth management segment were $6.8bn for the second quarter of 2024, which remains almost flat compared to the net revenues of $6.7bn of Q2 2023.
Its net revenues in investment management were $1.4bn for Q2 2024 compared to the $1.3bn in the prior-year period.
Morgan Stanley CEO Ted Pick said: “The firm delivered another strong quarter in an improving capital markets environment, resulting in first half 2024 revenues of $30.2bn, EPS of $3.85 and an ROTCE of 18.6%. Total client assets grew to $7.2 trillion on our road to $10+ trillion.
“We announced an increase of our quarterly common stock dividend to $0.925 per share while maintaining robust capital levels with a CET1 ratio of 15.2%, reflecting the durability of our business model.”
