Morgan Stanley (MS) revenue boosted by wealth management division

Morgan Stanley (NYSE: MS) shares have edged lower premarket despite topping earnings and revenue expectations in the second quarter.

The bank reported earnings per share of $1.24, $0.01 better than the analyst estimate of $1.23, but down from $1.39 in the same period last year. Revenue for the quarter came in at $13.5 billion, up from $13.13 billion last year and beating the consensus estimate of $13.03 billion.

Morgan Stanley's revenue was boosted by record net revenues of $6.7 billion for its wealth management segment, which reflect higher net interest income and the positive impact of DCP. Net new client assets were $90 billion.

"The firm delivered solid results in a challenging market environment," commented James Gorman, the bank's Chairman and Chief Executive Officer. "The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone."

By Sam Boughedda

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