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Morgan Stanley's Q3 i-banking revenues up 14% YOY

Morgan Stanley reported third-quarter earnings applicable to common shareholders of $2.02 billion, or $1.17 per share, compared to $1.69 billion, or 93 cents per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was $1.02.

Net revenues for the third quarter increased 7% year over year to $9.87 billion from $9.20 billion.

Investment banking revenues for the quarter totaled $1.57 billion, up 14% from $1.38 billion in the prior-year period. Trading revenues grew 2% year over year to $2.75 billion from $2.70 billion.

By segment, institutional securities net revenues for the quarter increased 13% year over year to $4.93 billion from $4.38 billion. Advisory revenues decreased to $510 million in the most recent quarter from $555 million a year ago. Equity underwriting revenues were $441 million, up from $273 million in the prior-year quarter. Fixed-income underwriting revenues were $508 million, up from $442 million in the year-ago period

The wealth management segment's net revenues rose to $4.40 billion from $4.22 billion in the third quarter of 2017. Investment management net revenues came in at $653 million for the third quarter, down from $675 million in the year-ago quarter.

During the third quarter, Morgan Stanley repurchased about $1.2 billion of its common shares or approximately 24 million shares.