Morgan Stanley Q3 Net Profit Down 29%

(RTTNews) - Financial services firm Morgan Stanley (MS) reported Friday third-quarter net income applicable to the company's shareholders of $2.63 billion or $1.47 per share, down from $3.71 billion or $1.98 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $1.53 per share, compared to $2.04 per share in the year-ago quarter.

Net revenues for the quarter decreased 12 percent to $12.99 billion from $14.75 billion in the same quarter last year.

Net interest income increased 22 percent to $2.51 billion and non-interest income declined 17 percent to $10.48 billion from last year. Total non-interest expenses decreased 3 percent to $9.56 billion from last year.

The company's provision for credit losses was $35 million, up 46 percent from $24 million in the year-ago quarter.

The company's board of directors declared a $0.775 quarterly dividend per share, payable on November 15, 2022 to common shareholders of record on October 31, 2022.

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