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

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