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Morgan Stanley Q3 net income down

Christian Fernsby ▼ | October 16, 2020
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.
Morgan Stanley
Morgan Stanley   Results for the latest quarter include intermittent net discrete tax benefits
Results for the latest quarter include intermittent net discrete tax benefits of $113 million which had an impact of $0.07 per diluted share.

Topics: Morgan Stanley

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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