Net revenues for Morgan Stanley reached $9.7 billion for the second quarter ending June 30, 2015, compared with $9.9 billion in the first quarter of 2015 and $8.6 billion a year ago, according to the company’s second quarter earnings statement released Monday.
Morgan Stanley noted that their revenues for the second quarter reflect robust performance in equity sales and trading, strong results in investment banking, and continued progress in fixed income and commodities sales and trading.
According to the statement, net income for Morgan Stanley was $1.8 billion, or $0.85 per diluted share for the current quarter, compared with net income of $1.9 billion, or $0.92 per diluted share for the same period a year ago. The earnings for the prior year second quarter included a net discrete tax benefit of $609 million or $0.31 per diluted share, principally related to the remeasurement of reserves and related interest.
“We delivered a strong quarter across each of our businesses, through client-focused execution, expense discipline and prudent risk management,” said James P. Gorman, chairman and CEO of Morgan Stanley. “We remain focused on delivering the long-term value of this franchise.”
Excluding DVA, net revenues for the current quarter were $9.6 billion compared with $8.5 billion a year ago, Morgan Stanley reported. Excluding DVA and the net discrete tax benefit in the prior year quarter, net income applicable to Morgan Stanley was $1.7 billion, or $0.79 per diluted share, compared with net income of $1.2 billion, or $0.58 per diluted share in the prior year.
Institutional securities reported pre-tax income from continuing operations of $1.6 billion compared with pre-tax income of $960 million in the second quarter of last year, according to the earnings statement. Net revenues for the current quarter were $5.2 billion compared with $4.2 billion a year ago. Excluding DVA, net revenues for the current quarter of $5 billion, compared with $4.2 billion a year ago.
Wealth management reported pre-tax income from continuing operations of $885 million compared with $763 million in the second quarter of last year. The quarter’s pre-tax margin was 23 percent. Net revenues for the current quarter were $3.9 billion compared with $3.7 billion a year ago.
Investment management reported pre-tax income from continuing operations of $220 million compared with pretax income of $209 million in the second quarter of last year.