Morgan Stanley Q1 Net Profit, Revenues Increase - Update

(RTTNews) - Financial services firm Morgan Stanley (MS) reported Wednesday that net income applicable to the company's shareholders for the first quarter grew 30 percent to $5.41 billion or $3.43 per share from $4.25 billion or $2.60 per share in the year-ago quarter.

The company's provision for credit losses was $98 million, compared to $135 million in the year-ago quarter.

Net revenues for the quarter increased 16 percent to $20.58 billion from $17.74 billion in the same quarter last year.

Net interest income increased 15 percent to $2.70 billion and non-interest income grew 16 percent to $17.88 billion from last year. Total non-interest expenses increased 12 percent to $13.47 billion from last year.

In Wednesday's pre-market trading, MS is trading on the NYSE at $187.39, up $4.09 or 2.23 percent.

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