Morgan Stanley has generated net revenues of $13.6bn for Q4 2020, a 26% increase compared to $10.9bn for the corresponding quarter of 2019
Morgan Stanley's office on Times Square. (Credit: Ajay Suresh/Wikipedia.)
US-based investment bank Morgan Stanley has reported a net income of $3.4bn, or $1.81 per diluted share, for the fourth quarter of 2020, a 51% increase compared to $2.2bn, or $1.30 per diluted share, for the same period in 2019.
Morgan Stanley’s net income for the year ended 31 December 2020 was $11bn, or $6.46 per diluted share, an increase by 22% compared to $9bn, or $5.19 per diluted share, in 2019.
The company has generated net revenues of $13.6bn for Q4 2020, a 26% increase compared to $10.9bn for the corresponding quarter of 2019, while the net revenues for full-year 2020 were $48.2bn, which increased by 16% compared to $41.4bn in 2019.
Morgan Stanley chairman and chief executive officer James Gorman said, “The Firm produced a very strong quarter and record full-year results, with excellent performance across all three businesses and geographies.
“I am extremely proud of how our employees came together to support each other and our communities and deliver for our clients in an incredibly challenging year.
“Our unique business model continues to serve us well as we further execute on our long-term strategy with the acquisitions of E*TRADE and Eaton Vance. We enter 2021 with significant momentum, and I am very confident in our competitive position and our opportunities for continued growth.”
The Institutional Securities operation of the company reported net revenues of $7bn for Q4 2020, a rise by 37% than $5.1bn for the same period last year, while the pre-tax income of $3.2bn for Q4 2020, was increased by 190% compared to $1.1bn in Q4 2019.
Morgan Stanley’s Wealth Management business reported net revenues of $5.7bn for Q4 2020, a 24% increase compared to $4.6bn in the same quarter of 2019.
The pre-tax income of $1.1bn for Q4 2020 resulted in a pre-tax margin of 18.8% or 22.9%, not including the impact of integration-related expenses, said the company.
The Investment Management business of the company reported net revenues of $1.1bn, which decreased by 21% compared to $1.4bn for the same period in 2019. Its pre-tax income of $196m decreased by 56% compared to $447m in 2019.