US-based investment lender Morgan Stanley (MS) has reported net revenues of $8.2bn for the first quarter of 2013 compared to $6.9bn during the corresponding period last year.
Income from continuing operations applicable to the bank stood at $1bn, or $0.50 per diluted share, against a loss of $79m, or a loss of $0.05 per diluted share, during the comparable period in 2012.
For the quarter period ended on 31 March 2013, compensation expense was $4.2bn compared to $4.4bn during the year ago quarter.
Institutional Securities reported a pre-tax gain from continuing operations of $830m against a pre-tax loss of $329m during the first quarter of last year.
Global Wealth Management Group reported pre-tax income from continuing operations of $597m compared to $403m during the same period a year ago.
Asset Management reported pre-tax income from continuing operations of $187m versus $128m during the first quarter of 2012.
As of 31 March 2013, Morgan Stanley’s Tier 1 capital ratio under Basel I was nearly 13.9% and Tier 1 common ratio was about 11.5%, which reflect the implementation of the Basel Committee’s market risk capital framework.
Managing 1,200 branches across 43 nations, Morgan Stanley offers an array of investment banking, securities, investment management and wealth management services to corporations, governments, institutions and individuals.