《摩根士丹利 Morgan Stanley (MS) 2025年第一季度业绩报告「NYSE」（英文版）（9页）.pdf》由会员分享，可在线阅读，更多相关《摩根士丹利 Morgan Stanley (MS) 2025年第一季度业绩报告「NYSE」（英文版）（9页）.pdf（9页珍藏版）》请在三个皮匠报告上搜索。

1、Morgan Stanley First Quarter 2025 Earnings Results Morgan Stanley Reports Net Revenues of$17.7 Billion,EPS of$2.60 and ROTCE of 23.0%NEW YORK,April 11,2025 Morgan Stanley(NYSE:MS)today reported net revenues of$17.7 billion for the first quarter ended March 31,2025 compared with$15.1 billion a year a

2、go.Net income applicable to Morgan Stanley was$4.3 billion,or$2.60 per diluted share,1 compared with$3.4 billion,or$2.02 per diluted share,1 for the same period a year ago.Ted Pick,Chairman and Chief Executive Officer,said,“The Integrated Firm delivered a very strong quarter with record net revenues

3、 of$17.7 billion and EPS of$2.60,and an ROTCE of 23.0%.Institutional Securities strong performance was led by our Markets business with Equity reporting a record$4.1 billion in revenues.Total client assets of$7.7 trillion across Wealth and Investment Management were supported by$94 billion in net ne

4、w assets.These results demonstrate the consistent execution of our clear strategy to drive durable growth across our global footprint.”Financial Summary2,3Firm($millions,except per share data)1Q 20251Q 2024Net revenues$17,739$15,136Provision for credit losses$135$(6)Compensation expense$7,521$6,696N

5、on-compensation expenses$4,539$4,051Pre-tax income6$5,544$4,395Net income app.to MS$4,315$3,412Expense efficiency ratio8 68%71%Earnings per diluted share1$2.60$2.02Book value per share$60.41$55.60Tangible book value per share4$46.08$41.07Return on equity 17.4%14.5%Return on tangible common equity4 2

6、3.0%19.7%Institutional SecuritiesNet revenues$8,983$7,016Investment Banking$1,559$1,447Equity$4,128$2,842Fixed Income$2,604$2,485Wealth ManagementNet revenues$7,327$6,880Fee-based client assets($billions)9$2,349$2,124Fee-based asset flows($billions)10$29.8$26.2Net new assets($billions)11$93.8$94.9Lo

7、ans($billions)$162.5$147.4Investment ManagementNet revenues$1,602$1,377AUM($billions)12$1,647$1,505Long-term net flows($billions)13$5.4$7.6Highlights Net revenues for the first quarter were a record$17.7 billion,demonstrating the strength of our Integrated Firm with robust results across our busines

8、s segments.20 The Firm delivered ROTCE of 23.0%during the first quarter.2,4 The Firm expense efficiency ratio was 68%for the first quarter.Expenses for the quarter included$144 million of severance costs related to a March employee action across our business segments.3,8,19 During the quarter,the Fi

9、rm accreted$1.9 billion of Common Equity Tier 1 capital and ended the quarter with a Standardized Common Equity Tier 1 capital ratio of 15.3%.16 Institutional Securities reported record net revenues of$9.0 billion reflecting record performance in Equity and strong Investment Banking results on highe

10、r fixed income underwriting.20 Wealth Management delivered a pre-tax margin of 26.6%for the quarter.7 Net revenues of$7.3 billion reflect strong asset management revenues and higher levels of client activity.The business added net new assets of$94 billion and fee-based asset flows were$30 billion fo

11、r the quarter.10,11 Investment Management results reflect net revenues of$1.6 billion,primarily driven by asset management fees on higher average AUM of$1.7 trillion.The quarter included positive long-term net flows of$5.4 billion.13 Media Relations:Wesley McDade 212-761-2430 Investor Relations:Lesl

12、ie Bazos 212-761-5352First Quarter ResultsInstitutional SecuritiesInstitutional Securities reported record net revenues for the current quarter of$9.0 billion compared with$7.0 billion a year ago.20 Pre-tax income was$3.3 billion compared with$2.4 billion a year ago.6 Investment Banking revenues up

13、8%:Advisory revenues increased on higher completed M&A transactions.Equity underwriting revenues decreased from a year ago as issuers and investors evaluated market uncertainty.Fixed income underwriting revenues increased from a year ago on higher non-investment grade loan issuances.Equity net reven

14、ues up 45%:Record Equity net revenues reflect increases across business lines and regions,particularly in Asia,with outperformance in prime brokerage and derivatives driven by strong client activity amid a more volatile trading environment.20Fixed Income net revenues up 5%:Fixed Income net revenues

15、reflect strong results in foreign exchange in a more volatile trading environment and in securitized products on higher lending revenues,partially offset by lower results in credit products.Other:Other revenues increased principally driven by realized gains on the sale of corporate loans held-for-sa

16、le compared to mark-to-market losses,net of hedges,a year ago.($millions)1Q 20251Q 2024Net Revenues$8,983$7,016Investment Banking$1,559$1,447Advisory$563$461Equity underwriting$319$430Fixed income underwriting$677$556Equity$4,128$2,842Fixed Income$2,604$2,485Other$692$242Provision for credit losses$

17、91$2Total Expenses$5,611$4,663Compensation$2,854$2,343Non-compensation$2,757$2,320Provision for credit losses:Provision for credit losses increased from a year ago,primarily driven by growth in secured lending facilities and in the corporate loan portfolio as well as the impact of a weakening macroe

18、conomic forecast.Total Expenses:Compensation expense increased from a year ago on higher revenues.19Non-compensation expenses increased from a year ago on higher execution-related expenses.2Wealth ManagementWealth Management reported net revenues of$7.3 billion in the current quarter compared with$6

19、.9 billion a year ago.Pre-tax income of$2.0 billion in the current quarter resulted in a pre-tax margin of 26.6%.6,7 Net revenues up 6%:Asset management revenues increased on higher asset levels and the cumulative impact of positive fee-based flows.10 Transactional revenues increased 13%excluding th

20、e impact of mark-to-market on investments associated with DCP.5,14 The increase was driven by higher levels of client activity,particularly in equity-related products.Net interest income increased from a year ago primarily driven by lending growth and higher yields on the investment portfolio,partia

21、lly offset by lower average sweep deposits.Provision for credit losses:Provision for credit losses increased from a release a year ago driven by higher individual assessments in our loan portfolio,inclusive of residential mortgages related to the California wildfires.Total Expenses:Compensation expe

22、nse increased from a year ago on higher compensable revenues,partially offset by lower expenses related to DCP.5,19Non-compensation expenses were essentially unchanged from a year ago.($millions)1Q 20251Q 2024Net Revenues$7,327$6,880Asset management$4,396$3,829Transactional14$873$1,033Net interest$1

23、,902$1,856Other$156$162Provision for credit losses$44$(8)Total Expenses$5,332$5,082Compensation$3,999$3,788Non-compensation$1,333$1,294Investment ManagementInvestment Management reported net revenues of$1.6 billion compared with$1.4 billion a year ago.Pre-tax income was$323 million compared with$241

24、 million a year ago.6 Net revenues up 16%:Asset management and related fees increased from a year ago on higher average AUM primarily driven by higher market levels.12Performance-based income and other revenues increased from a year ago on higher accrued carried interest in our infrastructure funds.

25、Total Expenses:Compensation expense increased from a year ago primarily driven by higher compensation associated with carried interest.5,19Non-compensation expenses increased from a year ago primarily driven by higher distribution expenses on higher average AUM.($millions)1Q 20251Q 2024Net Revenues$

26、1,602$1,377Asset management and related fees$1,451$1,346Performance-based income and other$151$31Total Expenses$1,279$1,136Compensation$668$565Non-compensation$611$571 3Other MattersThe Firm repurchased$1.0 billion of its outstanding common stock during the quarter as part of its Share Repurchase Pr

27、ogram.The Board of Directors declared a$0.925 quarterly dividend per share,payable on May 15,2025 to common shareholders of record on April 30,2025.The effective tax rate for the current quarter was 21.2%,which reflects a benefit associated with employee share-based compensation payments.21 1Q 20251

28、Q 2024Common Stock RepurchasesRepurchases($MM)$1,000$1,000Number of Shares(MM)812Average Price$125.88$86.79Period End Shares(MM)1,6071,627Tax Rate 21.2%21.2%Capital15Standardized Approach CET1 capital16 15.3%15.0%Tier 1 capital16 17.2%16.9%Advanced Approach CET1 capital16 15.7%15.4%Tier 1 capital16

29、17.7%17.3%Leverage-based capitalTier 1 leverage17 6.9%6.7%SLR18 5.6%5.4%4Morgan 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 Firms employees se

30、rve clients worldwide including corporations,governments,institutions and individuals.For further information about Morgan Stanley,please visit .A financial summary follows.Financial,statistical and business-related information,as well as information regarding business and segment trends,is included

31、 in the financial supplement.Both the earnings release and the financial supplement are available online in the Investor Relations section at .NOTICE:The information provided herein and in the financial supplement,including information provided on the Firms earnings conference calls,may include cert

32、ain non-GAAP financial measures.The definition of such measures or reconciliation of such measures to the comparable U.S.GAAP figures are included in this earnings release and the financial supplement,both of which are available on .This earnings release may contain forward-looking statements,includ

33、ing 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 managements current estimates,projections,expectations,assumptions,inter

34、pretations 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“Supervis

35、ion and Regulation”in Part I,Item 1,“Risk Factors”in Part I,Item 1A,“Legal Proceedings”in Part I,Item 3,“Managements 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 Firms Annu

36、al Report on Form 10-K for the year ended December 31,2024 and other items throughout the Form 10-K,the Firms Quarterly Reports on Form 10-Q and the Firms Current Reports on Form 8-K,including any amendments thereto.51 Includes preferred dividends related to the calculation of earnings per share for

37、 the first quarter of 2025 and 2024 of approximately$158 million and$146 million,respectively.2 The Firm prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States(U.S.GAAP).From time to time,Morgan Stanley may disclose certain“non-GAAP financi

38、al measures”in the course of its earnings releases,earnings conference calls,financial presentations and otherwise.The Securities and Exchange Commission defines a“non-GAAP financial measure”as a numerical measure of historical or future financial performance,financial position,or cash flows that is

39、 subject to adjustments that effectively exclude,or include amounts from the most directly comparable measure calculated and presented in accordance with U.S.GAAP.Non-GAAP financial measures disclosed by Morgan Stanley are provided as additional information to analysts,investors and other stakeholde

40、rs in order to provide them with greater transparency about,or an alternative method for assessing our financial condition,operating results,or capital adequacy.These measures are not in accordance with,or a substitute for U.S.GAAP,and may be different from or inconsistent with non-GAAP financial me

41、asures used by other companies.Whenever we refer to a non-GAAP financial measure,we will also generally define it or present the most directly comparable financial measure calculated and presented in accordance with U.S.GAAP,along with a reconciliation of the differences between the non-GAAP financi

42、al measure we reference and such comparable U.S.GAAP financial measure.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 furthe

43、r 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 performanc

44、e 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

45、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 shareholders equity divided by common shares outstanding.5“DCP”refers to certai

46、n employee deferred cash-based compensation programs.Please refer to Managements Discussion and Analysis of Financial Condition and Results of Operations Other Matters Deferred Cash-Based Compensation”in the Firms Annual Report on Form 10-K for the year ended December 31,2024.6 Pre-tax income repres

47、ents 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 a

48、mount 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

49、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

50、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 Ca

51、pital ratios are estimates as of the press release date,April 11,2025.16 CET1 capital is defined as Common Equity Tier 1 capital.The Firms 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“Sta

52、ndardized 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 Managements Discussion and An

53、alysis of Financial Condition and Results of Operations Liquidity and Capital Resources Regulatory Requirements in the Firms Annual Report on Form 10-K for the year ended December 31,2024.617 The Tier 1 leverage ratio is a leverage-based capital requirement that measures the Firms leverage.Tier 1 le

54、verage ratio utilizes Tier 1 capital as the numerator and average adjusted assets as the denominator.18 The Firms supplementary leverage ratio(SLR)utilizes a Tier 1 capital numerator of approximately$86.7 billion and$79.0 billion,and supplementary leverage exposure denominator of approximately$1.55

55、trillion and$1.46 trillion,for the first quarter of 2025 and 2024,respectively.19 During the current quarter as a result of a March employee action,we recognized severance costs associated with a reduction in force(“RIF”)of$144 million,included in Compensation and benefits expenses.The RIF occurred

56、across our business segments and geographic regions and impacted approximately 2%of our global workforce at that time.The RIF was related to performance management and the alignment of our workforce to our business needs,rather than a change in strategy or exit of businesses.We recorded severance co

57、sts of$78 million in the Institutional Securities business segment,$50 million in the Wealth Management business segment,and$16 million in the Investment Management business segment for the current quarter.These costs were incurred across all regions,with the majority in the Americas.20 Institutiona

58、l Securities and Equity net revenues represent records for a reported quarterly period after excluding the impact of debt valuation adjustments(DVA),which were previously reflected in net revenues in prior periods before 2016,and reflecting the current reporting structure of the Firm(i.e.exclusive o

59、f discontinued operations).Net revenues and net income applicable to Morgan Stanley,excluding the impact of DVA,were non-GAAP financial measures in those prior periods that were reconciled to the comparable GAAP financial measures in the respective quarterly reports filed on Form 10-Q.21 The income

60、tax consequences related to employee share-based compensation payments are recognized in Provision for income taxes in the consolidated income statement,and may be either a benefit or a provision.The impacts of recognizing excess tax benefits upon conversion of awards are$208 million and$77 million

61、for the first quarter of 2025 and 2024,respectively.7 ConsolidatedIncomeStatementInformation(unaudited,dollarsinmillions)QuarterEndedPercentageChangeFrom:Mar31,2025Dec31,2024Mar31,2024Dec31,2024Mar31,2024Revenues:Investmentbanking$1,711$1,791$1,589(4%)8%Trading5,1113,7784,852 35%5%Investments3692151

62、37 72%169%Commissionsandfees1,4811,3901,227 7%21%Assetmanagement5,9636,0595,269(2%)13%Other751438266 71%182%Totalnon-interestrevenues15,38613,67113,340 13%15%Interestincome13,74813,49112,930 2%6%Interestexpense11,39510,93911,134 4%2%Netinterest2,3532,5521,796(8%)31%Netrevenues17,73916,22315,136 9%17

63、%Provisionforcreditlosses135115(6)17%*Non-interestexpenses:Compensationandbenefits7,5216,2896,696 20%12%Non-compensationexpenses:Brokerage,clearingandexchangefees1,2221,180921 4%33%Informationprocessingandcommunications1,0501,059976(1%)8%Professionalservices674798639(16%)5%Occupancyandequipment44952

64、7441(15%)2%Marketingandbusinessdevelopment238279217(15%)10%Other9061,070857(15%)6%Totalnon-compensationexpenses4,5394,9134,051(8%)12%Totalnon-interestexpenses12,06011,20210,747 8%12%Incomebeforeprovisionforincometaxes5,5444,9064,395 13%26%Provisionforincometaxes1,1731,182933(1%)26%Netincome$4,371$3,

65、724$3,462 17%26%Netincomeapplicabletononredeemablenoncontrollinginterests561050*12%NetincomeapplicabletoMorganStanley4,3153,7143,412 16%26%Preferredstockdividend158150146 5%8%EarningsapplicabletoMorganStanleycommonshareholders$4,157$3,564$3,266 17%27%Notes:Firmnetrevenuesexcludingmark-to-marketgains

66、andlossesondeferredcash-basedcompensationplans(DCP),whichrepresentsanon-GAAPfinancialmeasure,were:1Q25:$17,888million,4Q24:$16,232million,1Q24:$14,949million.FirmcompensationexpensesexcludingDCP,whichrepresentsanon-GAAPfinancialmeasure,were:1Q25:$7,523million,4Q24:$6,197million,1Q24:$6,447million.Th

67、eEndNotesareanintegralpartofthispresentation.Refertopages12-17oftheFinancialSupplementforDefinitionofU.S.GAAPtoNon-GAAPMeasures,DefinitionsofPerformanceMetricsandTerms,SupplementalQuantitativeDetailsandCalculations,andLegalNotice.8 ConsolidatedFinancialMetrics,RatiosandStatisticalData(unaudited)Quar

68、terEndedPercentageChangeFrom:Mar31,2025Dec31,2024Mar31,2024Dec31,2024Mar31,2024FinancialMetrics:Earningsperbasicshare$2.62$2.25$2.04 16%28%Earningsperdilutedshare$2.60$2.22$2.02 17%29%Returnonaveragecommonequity 17.4%15.2%14.5%Returnonaveragetangiblecommonequity 23.0%20.2%19.7%Bookvaluepercommonshar

69、e$60.41$58.98$55.60Tangiblebookvaluepercommonshare$46.08$44.57$41.07FinancialRatios:Pre-taxmargin 31%30%29%Compensationandbenefitsasa%ofnetrevenues 42%39%44%Non-compensationexpensesasa%ofnetrevenues 26%30%27%Firmexpenseefficiencyratio 68%69%71%Effectivetaxrate 21.2%24.1%21.2%StatisticalData:Perioden

70、dcommonsharesoutstanding(millions)1,6071,6071,627%(1%)Averagecommonsharesoutstanding(millions)Basic1,5841,5831,601%(1%)Diluted1,6001,6081,616%(1%)Worldwideemployees81,02380,47879,610 1%2%TheEndNotesareanintegralpartofthispresentation.Refertopages12-17oftheFinancialSupplementforDefinitionofU.S.GAAPtoNon-GAAPMeasures,DefinitionsofPerformanceMetricsandTerms,SupplementalQuantitativeDetailsandCalculations,andLegalNotice.9