Morgan Stanley Q2 Net Profit Down 10%, But Tops Estimates

(RTTNews) - Financial services firm Morgan Stanley (MS) reported Tuesday that net income applicable to the company's shareholders for the second quarter decreased 10 percent to $2.94 billion or $1.82 per share from $2.05 billion or $1.24 per share in the year-ago quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter increased 12 percent to $15.02 billion from $13.46 billion in the same quarter last year. Analysts expected revenues of $14.30 billion for the quarter.

Net interest income increased 3 percent to $2.07 billion and non-interest income grew 13 percent to $12.95 billion from last year. Total non-interest expenses increased 4 percent to $10.87 billion from last year.

The company's provision for credit losses was $76 million, compared to $161 million in the year-ago quarter.

The company's board of directors declared a $0.925 quarterly dividend per share, payable on August 15, 2024 to common shareholders of record on July 31, 2024.

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