Morgan Stanley Second Quarter 2024 Earnings Results
Morgan Stanley (MS) reported strong Q2 2024 results, with net revenues of $15.0 billion, up from $13.5 billion a year ago. Net income rose to $3.1 billion, or $1.82 per diluted share, compared to $2.2 billion, or $1.24 per share, in Q2 2023. The firm delivered a Return on Tangible Common Equity (ROTCE) of 17.5%.
Key highlights include:
- Total client assets grew to $7.2 trillion
- Quarterly common stock dividend increased to $0.925 per share
- CET1 ratio maintained at 15.2%
- Expense efficiency ratio improved to 72%
- Institutional Securities net revenues rose to $7.0 billion
- Wealth Management delivered a pre-tax margin of 26.8%
- Investment Management net revenues increased to $1.4 billion
- Net revenues increased 11.6% year-over-year to $15.0 billion
- Net income rose 41% to $3.1 billion
- Earnings per share grew 46.8% to $1.82
- Return on Tangible Common Equity (ROTCE) improved to 17.5%
- Total client assets grew to $7.2 trillion
- Quarterly dividend increased by 7.5 cents to $0.925 per share
- Institutional Securities net revenues increased 23.5% to $7.0 billion
- Investment Banking revenues up 51% year-over-year
- Equity net revenues up 18% year-over-year
- Fixed Income net revenues up 16% year-over-year
- Wealth Management pre-tax margin of 26.8%
- Investment Management net revenues up 8% to $1.4 billion
- Wealth Management net interest income decreased due to lower average sweep deposits
- Investment Management reported long-term net outflows of $1.2 billion
Morgan Stanley's second-quarter earnings of $15.0 billion reflect a robust growth trajectory, especially when compared to the $13.5 billion reported in the same period last year. This demonstrates an 11.1% increase in revenues, indicative of strong performance across key segments. The EPS of $1.82, up from $1.24, is a significant rise that can be linked to effective cost management and higher client activity.
The increase in net income to $3.1 billion from $2.2 billion is particularly noteworthy, with a Return on Tangible Common Equity (ROTCE) of 17.5% showcasing the firm's efficiency and effective use of equity. This is a strong indicator of the firm's profitability and operational health. The expense efficiency ratio of 72%, consistent with the previous year, further emphasizes the firm's ability to manage costs effectively amidst growing revenues.
For retail investors, this consistent growth in revenues and earnings per share suggests a potentially stable and profitable investment. However, it's important to consider the sustainability of these growth figures in a volatile market environment. The dividend increase to $0.925 per share also signals confidence in the firm's future cash flows and financial stability.
In the context of the broader market, Morgan Stanley's performance aligns well with an improving capital markets environment. Yet, investors should remain cautious of external economic factors that could impact future earnings.
Analyzing the segment-wise performance, Institutional Securities exhibited a strong quarter with net revenues of $7.0 billion. The significant growth in Investment Banking revenues by 51% from the previous year underscores the robust activity in M&A and equity underwriting. This indicates a healthy market for corporate activities and investor appetite for new issues.
The growth in Equity and Fixed Income revenues by 18% and 16%, respectively, also highlights strong client engagement and a favorable market environment, particularly in Asia. This broad-based growth across segments suggests diversified revenue streams, minimizing dependency on any single market or segment. This diversification is a critical factor for retail investors as it can cushion the firm against sector-specific downturns.
On the Wealth Management front, the sustained growth with net revenues of $6.8 billion signifies strong client asset inflows and higher asset management revenues. The record asset management revenues reflect a positive market environment and effective client engagement strategies. The pre-tax margin of 26.8% hints at the segment's profitability and efficiency.
Morgan Stanley Reports Net Revenues of
Ted Pick, Chief Executive Officer, said, “The Firm delivered another strong quarter in an improving capital markets environment, resulting in first half 2024 revenues of
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Financial Summary2,3 |
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Firm ($ millions, except per share data) |
2Q 2024 |
2Q 2023 |
Highlights
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Net revenues |
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Provision for credit losses |
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Compensation expense |
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Non-compensation expenses |
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Pre-tax income6 |
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Net income app. to MS |
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Expense efficiency ratio8 |
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Earnings per diluted share1 |
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Book value per share |
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Tangible book value per share4 |
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Return on equity |
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Return on tangible common equity4 |
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Institutional Securities |
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Net revenues |
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Investment Banking |
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Equity |
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Fixed Income |
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Wealth Management |
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Net revenues |
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Fee-based client assets ($ billions)9 |
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Fee-based asset flows ($ billions)10 |
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Net new assets ($ billions)11 |
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Loans ($ billions) |
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Investment Management |
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Net revenues |
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AUM ($ billions)12 |
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Long-term net flows ($ billions)13 |
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Second Quarter Results
Institutional Securities
Institutional Securities reported net revenues for the current quarter of
Investment Banking revenues up
Equity net revenues up
Fixed Income net revenues up
Other:
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($ millions) |
2Q 2024 |
2Q 2023 |
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Net Revenues |
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Investment Banking |
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Advisory |
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Equity underwriting |
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Fixed income underwriting |
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Equity |
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Fixed Income |
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Other |
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Provision for credit losses |
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Total Expenses |
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Compensation |
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Non-compensation |
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Provision for credit losses:
- Provision for credit losses decreased on lower provisions on corporate loans compared to the prior year quarter.
Total Expenses:
- Compensation expense increased from a year ago on higher revenues, partially offset by lower severance costs.
- Non-compensation expenses increased from a year ago on higher execution-related expenses.
Wealth Management
Wealth Management reported net revenues of
Net revenues up
Provision for credit losses:
Total Expenses:
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($ millions) |
2Q 2024 |
2Q 2023 |
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Net Revenues |
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Asset management |
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Transactional14 |
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Net interest |
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Other |
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Provision for credit losses |
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Total Expenses |
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Compensation |
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Non-compensation |
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Investment Management
Investment Management net revenues were
Net revenues up
Total Expenses:
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($ millions) |
2Q 2024 |
2Q 2023 |
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Net Revenues |
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Asset management and related fees |
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Performance-based income and other |
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Total Expenses |
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Compensation |
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Non-compensation |
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Other Matters
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2Q 2024 |
2Q 2023 |
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Common Stock Repurchases |
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Repurchases ($MM) |
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Number of Shares (MM) |
8 |
12 |
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Average Price |
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Period End Shares (MM) |
1,619 |
1,659 |
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Tax Rate |
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Capital15 |
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Standardized Approach |
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CET1 capital16 |
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Tier 1 capital16 |
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Advanced Approach |
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CET1 capital16 |
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Tier 1 capital16 |
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Leverage-based capital |
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Tier 1 leverage17 |
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SLR18 |
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Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at www.morganstanley.com.
NOTICE:
The information provided herein and in the financial supplement, including information provided on the Firm’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable
This earnings release may contain forward-looking statements, including the attainment of certain financial and other targets, objectives and goals. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of risks and uncertainties that may affect the future results of the Firm, please see “Forward-Looking Statements” preceding Part I, Item 1, “Competition” and “Supervision and Regulation” in Part I, Item 1, “Risk Factors” in Part I, Item 1A, “Legal Proceedings” in Part I, Item 3, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 and “Quantitative and Qualitative Disclosures about Risk” in Part II, Item 7A in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023 and other items throughout the Form 10-K, the Firm’s Quarterly Reports on Form 10-Q and the Firm’s Current Reports on Form 8-K, including any amendments thereto.
1 Includes preferred dividends related to the calculation of earnings per share for the second quarter of 2024 and 2023 of approximately
2 The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in
3 Our earnings releases, earnings conference calls, financial presentations and other communications may also include certain metrics which we believe to be useful to us, analysts, investors, and other stakeholders by providing further transparency about, or an additional means of assessing, our financial condition and operating results.
4 Tangible common equity is a non-GAAP financial measure that the Firm considers useful for analysts, investors and other stakeholders to allow comparability of period-to-period operating performance and capital adequacy. Tangible common equity represents common equity less goodwill and intangible assets net of allowable mortgage servicing rights deduction. The calculation of return on average tangible common equity, also a non-GAAP financial measure, represents full year or annualized net income applicable to Morgan Stanley less preferred dividends as a percentage of average tangible common equity. The calculation of tangible book value per common share, also a non-GAAP financial measure, represents tangible common shareholder’s equity divided by common shares outstanding.
5 “DCP” refers to certain employee deferred cash-based compensation programs. Please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Matters – Deferred Cash-Based Compensation” in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
6 Pre-tax income represents income before provision for income taxes.
7 Pre-tax margin represents income before provision for income taxes divided by net revenues.
8 The expense efficiency ratio represents total non-interest expenses as a percentage of net revenues.
9 Wealth Management fee-based client assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.
10 Wealth Management fee-based asset flows include net new fee-based assets (including asset acquisitions), net account transfers, dividends, interest, and client fees, and exclude institutional cash management related activity.
11 Wealth Management net new assets represent client asset inflows, inclusive of interest, dividends and asset acquisitions, less client asset outflows, and exclude the impact of business combinations/divestitures and the impact of fees and commissions.
12 AUM is defined as assets under management or supervision.
13 Long-term net flows include the Equity, Fixed Income and Alternative and Solutions asset classes and excludes the Liquidity and Overlay Services asset class.
14 Transactional revenues include investment banking, trading, and commissions and fee revenues.
15 Capital ratios are estimates as of the press release date, July 16, 2024.
16 CET1 capital is defined as Common Equity Tier 1 capital. The Firm’s risk-based capital ratios are computed under each of the (i) standardized approaches for calculating credit risk and market risk risk-weighted assets (RWAs) (the “Standardized Approach”) and (ii) applicable advanced approaches for calculating credit risk, market risk and operational risk RWAs (the “Advanced Approach”). For information on the calculation of regulatory capital and ratios, and associated regulatory requirements, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources – Regulatory Requirements" in the Firm’s Annual Report on Form 10-K for the year ended December 31, 2023.
17 The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firm’s leverage. Tier 1 leverage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.
18 The Firm’s supplementary leverage ratio (SLR) utilizes a Tier 1 capital numerator of approximately
Consolidated Income Statement Information |
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(unaudited, dollars in millions) |
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|||||||||
|
Quarter Ended |
|
Percentage Change From: |
|
Six Months Ended |
|
Percentage
|
|||||||||||||||||
|
Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Jun 30, 2024 |
|
Jun 30, 2023 |
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|||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment banking |
$ |
1,735 |
|
$ |
1,589 |
|
|
$ |
1,155 |
|
9 |
% |
|
50 |
% |
|
$ |
3,324 |
|
$ |
2,485 |
|
34 |
% |
Trading |
|
4,131 |
|
|
4,852 |
|
|
|
3,802 |
|
(15 |
%) |
|
9 |
% |
|
|
8,983 |
|
|
8,279 |
|
9 |
% |
Investments |
|
157 |
|
|
137 |
|
|
|
95 |
|
15 |
% |
|
65 |
% |
|
|
294 |
|
|
240 |
|
23 |
% |
Commissions and fees |
|
1,183 |
|
|
1,227 |
|
|
|
1,090 |
|
(4 |
%) |
|
9 |
% |
|
|
2,410 |
|
|
2,329 |
|
3 |
% |
Asset management |
|
5,424 |
|
|
5,269 |
|
|
|
4,817 |
|
3 |
% |
|
13 |
% |
|
|
10,693 |
|
|
9,545 |
|
12 |
% |
Other |
|
322 |
|
|
266 |
|
|
|
488 |
|
21 |
% |
|
(34 |
%) |
|
|
588 |
|
|
740 |
|
(21 |
%) |
Total non-interest revenues |
|
12,952 |
|
|
13,340 |
|
|
|
11,447 |
|
(3 |
%) |
|
13 |
% |
|
|
26,292 |
|
|
23,618 |
|
11 |
% |
Interest income |
|
13,529 |
|
|
12,930 |
|
|
|
10,913 |
|
5 |
% |
|
24 |
% |
|
|
26,459 |
|
|
20,893 |
|
27 |
% |
Interest expense |
|
11,462 |
|
|
11,134 |
|
|
|
8,903 |
|
3 |
% |
|
29 |
% |
|
|
22,596 |
|
|
16,537 |
|
37 |
% |
Net interest |
|
2,067 |
|
|
1,796 |
|
|
|
2,010 |
|
15 |
% |
|
3 |
% |
|
|
3,863 |
|
|
4,356 |
|
(11 |
%) |
Net revenues |
|
15,019 |
|
|
15,136 |
|
|
|
13,457 |
|
(1 |
%) |
|
12 |
% |
|
|
30,155 |
|
|
27,974 |
|
8 |
% |
Provision for credit losses |
|
76 |
|
|
(6 |
) |
|
|
161 |
|
* |
|
(53 |
%) |
|
|
70 |
|
|
395 |
|
(82 |
%) |
|
Non-interest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Compensation and benefits |
|
6,460 |
|
|
6,696 |
|
|
|
6,262 |
|
(4 |
%) |
|
3 |
% |
|
|
13,156 |
|
|
12,672 |
|
4 |
% |
Non-compensation expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brokerage, clearing and exchange fees |
|
995 |
|
|
921 |
|
|
|
875 |
|
8 |
% |
|
14 |
% |
|
|
1,916 |
|
|
1,756 |
|
9 |
% |
Information processing and communications |
|
1,011 |
|
|
976 |
|
|
|
926 |
|
4 |
% |
|
9 |
% |
|
|
1,987 |
|
|
1,841 |
|
8 |
% |
Professional services |
|
753 |
|
|
639 |
|
|
|
767 |
|
18 |
% |
|
(2 |
%) |
|
|
1,392 |
|
|
1,477 |
|
(6 |
%) |
Occupancy and equipment |
|
464 |
|
|
441 |
|
|
|
471 |
|
5 |
% |
|
(1 |
%) |
|
|
905 |
|
|
911 |
|
(1 |
%) |
Marketing and business development |
|
245 |
|
|
217 |
|
|
|
236 |
|
13 |
% |
|
4 |
% |
|
|
462 |
|
|
483 |
|
(4 |
%) |
Other |
|
941 |
|
|
857 |
|
|
|
947 |
|
10 |
% |
|
(1 |
%) |
|
|
1,798 |
|
|
1,867 |
|
(4 |
%) |
Total non-compensation expenses |
|
4,409 |
|
|
4,051 |
|
|
|
4,222 |
|
9 |
% |
|
4 |
% |
|
|
8,460 |
|
|
8,335 |
|
1 |
% |
Total non-interest expenses |
|
10,869 |
|
|
10,747 |
|
|
|
10,484 |
|
1 |
% |
|
4 |
% |
|
|
21,616 |
|
|
21,007 |
|
3 |
% |
Income before provision for income taxes |
|
4,074 |
|
|
4,395 |
|
|
|
2,812 |
|
(7 |
%) |
|
45 |
% |
|
|
8,469 |
|
|
6,572 |
|
29 |
% |
Provision for income taxes |
|
957 |
|
|
933 |
|
|
|
591 |
|
3 |
% |
|
62 |
% |
|
|
1,890 |
|
|
1,318 |
|
43 |
% |
Net income |
$ |
3,117 |
|
$ |
3,462 |
|
|
$ |
2,221 |
|
(10 |
%) |
|
40 |
% |
|
$ |
6,579 |
|
$ |
5,254 |
|
25 |
% |
Net income applicable to nonredeemable noncontrolling interests |
|
41 |
|
|
50 |
|
|
|
39 |
|
(18 |
%) |
|
5 |
% |
|
|
91 |
|
|
92 |
|
(1 |
%) |
Net income applicable to Morgan Stanley |
|
3,076 |
|
|
3,412 |
|
|
|
2,182 |
|
(10 |
%) |
|
41 |
% |
|
|
6,488 |
|
|
5,162 |
|
26 |
% |
Preferred stock dividend |
|
134 |
|
|
146 |
|
|
|
133 |
|
(8 |
%) |
|
1 |
% |
|
|
280 |
|
|
277 |
|
1 |
% |
Earnings applicable to Morgan Stanley common shareholders |
$ |
2,942 |
|
$ |
3,266 |
|
|
$ |
2,049 |
|
(10 |
%) |
|
44 |
% |
|
$ |
6,208 |
|
$ |
4,885 |
|
27 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|||
– |
In the first quarter of 2024, the Firm implemented certain presentation changes that impacted interest income and interest expense but had no effect on net interest income. These changes were made to align the accounting treatment between the balance sheet and the related interest income or expense, primarily by offsetting interest income and expense for certain prime brokerage-related customer receivables and payables that are currently accounted for as a single unit of account on the balance sheet. The current and previous presentation of these interest income and interest expense amounts are acceptable and the change does not represent a change in accounting principle. These changes were applied retrospectively to the income statement in 2023 and accordingly, prior period amounts were adjusted to conform with the current presentation. |
||
– |
Firm net revenues excluding mark-to-market gains and losses on deferred cash-based compensation plans (DCP) were: 2Q24: |
||
– |
Firm compensation expenses excluding DCP were: 2Q24: |
||
– |
The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of |
Consolidated Financial Metrics, Ratios and Statistical Data |
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(unaudited) |
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Quarter Ended |
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Percentage Change From: |
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Six Months Ended |
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Percentage
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Jun 30, 2024 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Mar 31, 2024 |
|
Jun 30, 2023 |
|
Jun 30, 2024 |
|
Jun 30, 2023 |
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Financial Metrics: |
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Earnings per basic share |
$ |
1.85 |
|
|
$ |
2.04 |
|
|
$ |
1.25 |
|
|
(9 |
%) |
|
48 |
% |
|
$ |
3.89 |
|
|
$ |
2.98 |
|
|
31 |
% |
Earnings per diluted share |
$ |
1.82 |
|
|
$ |
2.02 |
|
|
$ |
1.24 |
|
|
(10 |
%) |
|
47 |
% |
|
$ |
3.85 |
|
|
$ |
2.95 |
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Return on average common equity |
|
13.0 |
% |
|
|
14.5 |
% |
|
|
8.9 |
% |
|
|
|
|
|
|
13.8 |
% |
|
|
10.7 |
% |
|
|
|||
Return on average tangible common equity |
|
17.5 |
% |
|
|
19.7 |
% |
|
|
12.1 |
% |
|
|
|
|
|
|
18.6 |
% |
|
|
14.5 |
% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Book value per common share |
$ |
56.80 |
|
|
$ |
55.60 |
|
|
$ |
55.24 |
|
|
|
|
|
|
$ |
56.80 |
|
|
$ |
55.24 |
|
|
|
|||
Tangible book value per common share |
$ |
42.30 |
|
|
$ |
41.07 |
|
|
$ |
40.79 |
|
|
|
|
|
|
$ |
42.30 |
|
|
$ |
40.79 |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financial Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Pre-tax margin |
|
27 |
% |
|
|
29 |
% |
|
|
21 |
% |
|
|
|
|
|
|
28 |
% |
|
|
23 |
% |
|
|
|||
Compensation and benefits as a % of net revenues |
|
43 |
% |
|
|
44 |
% |
|
|
47 |
% |
|
|
|
|
|
|
44 |
% |
|
|
45 |
% |
|
|
|||
Non-compensation expenses as a % of net revenues |
|
29 |
% |
|
|
27 |
% |
|
|
31 |
% |
|
|
|
|
|
|
28 |
% |
|
|
30 |
% |
|
|
|||
Firm expense efficiency ratio |
|
72 |
% |
|
|
71 |
% |
|
|
78 |
% |
|
|
|
|
|
|
72 |
% |
|
|
75 |
% |
|
|
|||
Effective tax rate |
|
23.5 |
% |
|
|
21.2 |
% |
|
|
21.0 |
% |
|
|
|
|
|
|
22.3 |
% |
|
|
20.1 |
% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Statistical Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Period end common shares outstanding (millions) |
|
1,619 |
|
|
|
1,627 |
|
|
|
1,659 |
|
|
— |
% |
|
(2 |
%) |
|
|
|
|
|
|
|||||
Average common shares outstanding (millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Basic |
|
1,594 |
|
|
|
1,601 |
|
|
|
1,635 |
|
|
— |
% |
|
(3 |
%) |
|
|
1,597 |
|
|
|
1,640 |
|
|
(3 |
%) |
Diluted |
|
1,611 |
|
|
|
1,616 |
|
|
|
1,651 |
|
|
— |
% |
|
(2 |
%) |
|
|
1,614 |
|
|
|
1,657 |
|
|
(3 |
%) |
Worldwide employees |
|
79,066 |
|
|
|
79,610 |
|
|
|
82,006 |
|
|
(1 |
%) |
|
(4 |
%) |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The End Notes are an integral part of this presentation. Refer to pages 12 - 17 of the Financial Supplement for Definition of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240715048014/en/
Media Relations: Wesley McDade 212-761-2430
Investor Relations: Leslie Bazos 212-761-5352
Source: Morgan Stanley
FAQ
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