EmailMorgan Stanley (MS $23.60 +1.88) reported second quarter loss of
($0.38) per share, including a negative adjustment of $1.02 related to the
previously announced conversion of the firm's preferred stock held by Mitsubishi
UFJ Financial Group, $0.27 better than the Capital IQ Consensus Estimate of
($0.65).
Revenues rose 16.6% year/year to $9.28 billion versus the $8.05 billion
consensus. Results for the current quarter included positive revenue of $244
million compared with positive revenue of $750 million a year ago related to
changes in Morgan Stanley's debt-related credit spreads.
Morgan Stanley's Tier 1 Common Ratio increased 290bps during the quarter to
14.6%, an Industry Leading Level.
Firm's current quarter compensation to net revenue ratio was 50% with
compensation expense of $4.7 billion reflecting an increase in net revenues from
a year ago.
Investment Banking revenues were $1.5 billion, the highest second-quarter
revenues since 2007, reflecting an increase in both advisory and underwriting
market volume from a year ago. Equity sales and trading net revenues were $1.9
billion, the highest since 2008, and reflected market share gains. Fixed income
and commodities net revenues were $2.1 billion reflecting a solid performance in
challenging markets. Global Wealth Management Group delivered net revenues of
$3.5 billion, with client assets of $1.7 trillion and 17,638 global
representatives.
Advisory revenues of $533 million increased 85% from a year ago. Underwriting
revenues of $940 million increased 57% from last year's second quarter on higher
levels of market activity. Equity underwriting revenues increased 56% from the
prior year to $419 million reflecting revenue growth across all regions. Fixed
income underwriting revenues of $521 million, which were the highest reported
for the Firm, increased 59% from last year's second quarter primarily reflecting
higher levels of acquisition finance activity in both the investment grade and
non-investment grade markets.
than one year.
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