Summary by Moomoo AI
Morgan Stanley reported robust Q3 2024 financial results with net revenues of $15.4 billion, up 16% from $13.3 billion a year ago. Net income reached $3.2 billion, or $1.88 per diluted share, compared to $2.4 billion, or $1.38 per diluted share in Q3 2023. The firm achieved a strong ROTCE of 17.5% and maintained a healthy expense efficiency ratio of 72%.Institutional Securities saw significant growth with net revenues of $6.8 billion, driven by strong performance in Equity and Fixed Income trading, and a 56% increase in Investment Banking revenues. Wealth Management delivered record net revenues of $7.3 billion and a pre-tax margin of 28.3%, adding $64 billion in net new assets and reaching $6 trillion in total client assets.Investment Management generated net revenues of $1.5 billion, with $7.3 billion in positive long-term net flows and total AUM of $1.6 trillion. The firm maintained strong capital positions with a Standardized Common Equity Tier 1 capital ratio of 15.1% and accreted $2.1 billion of Common Equity Tier 1 capital during the quarter.
