Banking giant Morgan Stanley (NYSE: MS) on Tuesday announced financial results for the fourth quarter of 2023, reporting a sharp decline in net profit despite an increase in revenues.
Net income applicable to shareholders was $1.52 billion or $0.85 per share in the fourth quarter of 2023, compared to $2.24 billion or $1.26 per share in the same period a year ago.
The bank’s revenues increased to $12.90 billion in Q4 from $12.75 billion in the corresponding period of 2022. It delivered ROTCE of 8.4%.
Ted Pick, chief executive officer of Morgan Stanley, said, “We begin 2024 with a clear and consistent business strategy and a unified leadership team. We are focused on achieving our long-term financial goals and continuing to deliver for shareholders.”