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Morgan Stanley Q3 net income down

Christian Fernsby |
Morgan Stanley third quarter net income applicable to the company's shareholders was $2.60 billion, down from $2.06 billion in the year ago quarter.


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.

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