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Morgan Stanley reports higher revenue, earnings in Q3

Morgan Stanley reported third-quarter earnings applicable to common shareholders of $1.69 billion, or 93 cents per share, up from $1.52 billion, or 81 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the most recent quarter was 81 cents.

Net revenues for the third quarter increased to $9.20 billion from $8.91 billion in the year-ago quarter. Investment banking revenues for the quarter totaled $1.38 billion, up from $1.23 billion in the prior-year period. Trading revenues grew year over year to $2.70 billion from $2.61 billion. Asset management, distribution and administration fees came in at $3.03 billion versus $2.69 billion.

Institutional securities revenues for the quarter decreased to $4.38 billion from $4.55 billion in the same period last year.

Wealth management revenues rose to $4.22 billion from $3.88 billion in the third quarter of 2016.

Investment management net revenues came in at $675 million for the quarter, up from $552 million in the year-ago quarter.

The company recorded compensation expenses of $4.17 billion, compared to $4.10 billion in the year-ago period. Non-compensation expenses grew year over year to $2.55 billion from $2.43 billion.

During the quarter, Morgan Stanley repurchased about $1.25 billion of its common shares or approximately 27 million shares.