The first quarter of is archived Morgan Stanley, which closed with a net income of $2,4 billion, up 59,3% year over year. A result far above forecasts, as evidenced by the earnings per share, which stood at 1,18 dollars against the 0,78 dollars estimated by analysts.
A tax benefit of 564 million dollars, equal to 0,29 dollars per share, weighs positively on the company's profit, even if the profit would remain higher than expected even net of the benefit. Revenues are also growing +10% to 9,9 billioni against the 9,17 billion of the consensus. The US institute has also decided to distribute a quarterly dividend of $0,15 per share, up 50%.
The CEO is satisfied James Gorman: “It was the best quarter in many years, with improved performance in many business areas. The result reflects our strategy of building growth platforms while maintaining a prudent risk profile and disciplined expense management.”
