Morgan Stanley Q1 Results Top Estimates - Update

(RTTNews) - Financial services firm Morgan Stanley (MS) reported Friday that net income applicable to the company's shareholders for the first quarter grew 27 percent to $4.16 billion or $2.60 per share from $3.27 billion or $2.02 per share in the year-ago quarter.

On average, 16 analysts polled expected the company to report earnings of $2.19 per share for the quarter. Analysts' estimates typically exclude special items.

The company's provision for credit losses was $135 million, compared to an allowance for credit losses of $6 million in the year-ago quarter.

Net revenues for the quarter increased 17 percent to $17.74 billion from $15.14 billion in the same quarter last year. Analysts expected revenues of $16.55 billion for the quarter.

Net interest income increased 31 percent to $2.35 billion and non-interest income grew 15 percent to $15.39 billion from last year. Total non-interest expenses increased 12 percent to $12.06 billion from last year.

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