Morgan Stanley Q3 net income down
Topics: MORGAN STANLEY
Results for the latest quarter include intermittent net discrete tax benefits of $113 million which had an impact of $0.07 per diluted share.
Net revenues for the quarter increased 16 percent to $11.66 billion from $10.03 billion in the same quarter last year.
Wealth Management net revenues also increased to $4.66 billion from last year's $4.36 billion, reflecting strong fee-based flows and significant increases in bank lending and deposits.
Investment Management net revenues were $1.06 million, up 38 percent from $764 million a year ago, driven by record asset management fees and Assets Under management (AUM).
The company's provision for credit losses on loans and lending commitments was $111 million, up from $51 million in the year-ago quarter. ■