Net income applicable to shareholders was $3.7 billion or $2.01 per share in the fourth quarter of 2021, compared to $3.4 billion or $1.81 per share in the same period a year ago. Adjusted earnings rose to $2.08 per share from $1.92 per share last year and topped expectations.
The bottom-line benefitted from a 7% increase in revenues to $14.5 billion. Advisory revenues increased driven by higher completed M&A transactions, while equity underwriting revenues decreased due to declines in follow-on offerings and blocks.
Shares of Morgan Stanley gained early Wednesday following the earnings announcement, after closing the last session lower.
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