Morgan Stanley's third quarter 2014 net revenues of $8.9 billion marked an increase from $8.0 billion from the same period a year ago, the investment bank reported in its Q3 2014 earnings statement released on Friday.
Net revenues were reported at $8.7 billion for Q3 2014 excluding debt value adjustment, compared with $8.1 billion for the same period in 2013. Income from continuing operations applicable to Morgan Stanley also saw a substantial year-over-year increase, from $889 million ($0.44 per diluted share) in Q3 2013 up to $1.7 billion ($0.84 per diluted share) for the current quarter.
"Morgan Stanley has delivered another quarter of earnings growth and strong performance based on consistent execution for our clients," said James P. Gorman, Chairman and CEO of Morgan Stanley. "We are well positioned to create superior returns for our shareholders, particularly as the U.S. economy continues to strengthen."
The firm also reported substantial year-over-year gains in revenues related to the change in the fair value of certain of its long-term and short-term borrowings resulting from the fluctuation in the firm's credit spends and other credit factors, such as DVA. The firm reported a positive revenue of $215 million in that category for the current quarter compared to negative revenues of $171 million from the same period last year.
Morgan Stanley's net income for Q3 2014, including discontinued operations, was reported at $1.07 billion ($0.84 per diluted share), a substantial increase from the firm's reported net income of $906 million ($0.45 per diluted share) from Q3 2013.