Banking giant Morgan Stanley (NYSE: MS) announced financial results for the first quarter of 2024, reporting an increase in revenues and net profit.
Net income applicable to shareholders was $3.41 billion or $2.02 per share in the first quarter of 2024, compared to $2.98 billion or $1.70 per share in the same period a year ago.
The bank’s revenues increased to $15.14 billion in Q1 from $14.52 billion in the corresponding period of 2023. It delivered ROTCE of 19.7%.
Ted Pick, chief executive officer of Morgan Stanley, said, “In the first quarter of 2024 Morgan Stanley generated net revenues of $15 billion and earnings of $2.02 per share for a 20% return on tangible equity. As a result of strong net new asset growth, the Firm has reached $7 trillion of client assets across Wealth and Investment Management. Institutional Securities also saw strength across the markets and underwriting businesses.”