1、Morgan Stanley Second Quarter 2025 Earnings Results Morgan Stanley Reports Net Revenues of$16.8 Billion,EPS of$2.13 and ROTCE of 18.2%NEW YORK,July 16,2025 Morgan Stanley(NYSE:MS)today reported net revenues of$16.8 billion for the second quarter ended June 30,2025 compared with$15.0 billion a year a

2、go.Net income applicable to Morgan Stanley was$3.5 billion,or$2.13 per diluted share,1 compared with$3.1 billion,or$1.82 per diluted share,1 for the same period a year ago.Ted Pick,Chairman and Chief Executive Officer,said,“Morgan Stanley delivered another strong quarter.Six sequential quarters of c

3、onsistent earnings$2.02,$1.82,$1.88,$2.22,$2.60 and$2.13 reflect higher levels of performance in different market environments.Institutional Securities saw strength and balance across businesses and geographies.Wealth continues to deliver,adding$59 billion of net new assets and$43 billion of fee-bas

4、ed flows.Total client assets across Wealth and Investment Management reached$8.2 trillion.We announced an increase of our quarterly common stock dividend to$1.00 per share with flexibility to deploy incremental capital.The management team is executing across the Integrated Firm,acting as a trusted a

5、dvisor to clients and driving durable growth and long-term returns for our shareholders.”Financial Summary2,3Firm($millions,except per share data)2Q 20252Q 2024Net revenues$16,792$15,019Provision for credit losses$196$76Compensation expense$7,190$6,460Non-compensation expenses$4,784$4,409Pre-tax inc

6、ome6$4,622$4,074Net income app.to MS$3,539$3,076Expense efficiency ratio8 71%72%Earnings per diluted share1$2.13$1.82Book value per share$61.59$56.80Tangible book value per share4$47.25$42.30Return on equity 13.9%13.0%Return on tangible common equity4 18.2%17.5%Institutional SecuritiesNet revenues$7