Morgan Stanley (NYSE: MS) is a global financial services firm offering a wide range of investment banking, brokerage, and asset management services to corporations, governments, institutions, and individuals in 42 countries.

For the fourth quarter ended December 31, 2024, Morgan Stanley reported a significant rise in performance. Net revenues increased to $16.2 billion, up 26% from $12.9 billion in the same quarter the previous year. The company’s net income applicable to Morgan Stanley was $3.7 billion, translating to an earnings per diluted share (EPS) of $2.22, compared to $1.5 billion, or $0.85 per diluted share, in the prior year quarter.

For the full year, Morgan Stanley’s net revenues reached $61.8 billion, a rise of 14% from $54.1 billion in 2023. The net income applicable to the company for the full year was $13.4 billion, reflecting an EPS of $7.95, up from $5.18 a year prior. The return on tangible common equity (ROTCE) for 2024 was 18.8%, compared to 12.8% in 2023.

Examining segment performance, Institutional Securities generated fourth-quarter net revenues of $7.3 billion, a 47% increase from $4.9 billion year-on-year. The segment’s full-year net revenues were $28.1 billion, increasing by 22% over the $23.1 billion recorded in 2023. Wealth Management segment revenues for the fourth quarter amounted to $7.5 billion, which is a 13% increase from $6.6 billion year-on-year, while the full-year figure rose 8% to $28.4 billion from $26.3 billion. Investment Management’s fourth-quarter revenues also saw a 12% increase to $1.6 billion from $1.5 billion a year ago, with annual revenues climbing 9% to $5.9 billion.

The firm’s provision for credit losses for the fourth quarter was $115 million, a sizable increase from $3 million in the prior year’s quarter, while the annual provision decreased to $264 million from $532 million in 2023. The total non-interest expenses for 2024 rose to $43.9 billion, reflecting a 5% increase from $41.8 billion in the previous year.

Regarding efficiency, the expense efficiency ratio improved to 69% in the fourth quarter, down from 84% a year ago, demonstrating enhanced financial performance amid rising revenues. The company also reported a pre-tax income of $4.9 billion in the fourth quarter, a 134% increase from $2.1 billion in the same period last year.

Morgan Stanley declared a quarterly dividend of $0.925 per share, payable on February 14, 2025, to shareholders of record on January 31, 2025. The firm continues to exhibit strong capital management, evidenced by a common equity Tier 1 ratio of 15.9% at year-end 2024, up from 15.2% the previous year.