🔹 Revenue: $18.2B (Est. $16.7B) 🟢; UP +18% YoY
🔹 EPS: $2.80 (Est. $2.09) 🟢; UP +49% YoY
🔹 Net Income: $4.6B; UP +45% YoY
Wealth Management:
🔹 Net Revenue: $8.2B (Est. $7.8B) 🟢; UP +13% YoY
🔹 Pre-tax Income: $2.5B; UP +27% YoY
🔹 Pre-tax Margin: 30.3%
🔹 Asset Management Revenue: $4.8B; UP +12% YoY
🔹 Net Interest Income: $2.0B; UP +12% YoY
🔹 Fee-based Client Assets: $2.7T; UP +15% YoY
🔹 Fee-based Asset Flows: $41.9B; UP +17% YoY
🔹 Net New Assets: $81.0B; UP +27% YoY
🔹 Loans: $173.9B; UP +12% YoY
Investment Management:
🔹 Net Revenue: $1.7B; UP +13% YoY
🔹 Pre-tax Income: $364MM; UP +40% YoY
🔹 AUM: $1.8T; UP +13% YoY
🔹 Long-term Net Flows: $16.5B vs. $7.3B in 3Q24
Institutional Securities:
🔹 Net Revenue: $8.5B; UP +25% YoY
🔹 Pre-tax Income: $3.2B; UP +68% YoY
🔹Investment Banking: $2.1B; UP +44% YoY
🔸 Advisory: $684MM; UP +25% YoY
🔸 Equity Underwriting: $652MM; UP +80% YoY
🔸 Fixed Income Underwriting: $772MM; UP +39% YoY
Equity Sales & Trading: $4.1B (Est. $3.4B) 🟢; UP +35% YoY
🔸 Record prime brokerage results
Fixed Income Sales & Trading: $2.2B (Est. $2.1B) 🟢; UP +8% YoY
🔸 Driven by credit and commodities
🔸 Partially offset by lower FX
Q3 Operating Metrics:
🔹 Provision for Credit Losses: $0MM (Est. $97MM) 🟢
🔹 Compensation Expense: $7.44B (Est. $7.12B) 🔴
🔹 Non-Interest Expenses: $12.2B (Est. $11.8B) 🔴
🔹 Efficiency Ratio: 67%; DOWN -500 bps YoY
🔹 Pre-tax Margin: 33%; UP +600 bps YoY
Financial Ratios & Capital:
🔹 ROE: 18.0%
🔹 ROTCE: 23.5%
🔹 Book Value per Share: $62.98; UP +8% YoY
🔹 Tangible Book Value per Share: $48.64; UP +11% YoY
🔹 Standardized CET1 Ratio: 15.2%
🔹 Advanced CET1 Ratio: 15.7%
🔹 Tier 1 Leverage Ratio: 6.8%
🔹 SLR: 5.5%
Capital Distribution:
🔹 Common Dividend: $1.00/share
🔹 Share Repurchases: $1.1B (7MM shares @ $145.77)
🔹 Shares Outstanding: 1,591MM; DOWN -1% YoY
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Комментарий генерального директора Теда Пика:
🔸 «Наша компания добилась выдающихся результатов за квартал, продемонстрировав высокие показатели в каждом из наших подразделений по всему миру. Последовательная реализация нашей стратегии привела к рекордной выручке в размере $18,2 млрд, прибыли на акцию в размере $2,80 и доходу на вложенный капитал (ROTCE) в размере 23,5%».
🔸 «Компания Wealth Management сообщила о 30%-ной марже до уплаты налогов и привлечении $81 млрд чистых новых активов. Общие клиентские активы в сфере Wealth and Investment Management достигли $8,9 трлн».
#ms
