Morgan Stanley reports record full-year 2024 net revenues of $61.8 billion and net income of $13.4 billion

Morgan Stanley reported record net revenues of $61.8 billion for 2024 on 16 January 2025, up 14% from $54.1 billion in 2023. Net income applicable to Morgan Stanley was $13.4 billion, or $7.95 per diluted share, compared with $9.1 billion, or $5.18 per diluted share, a year earlier, an increase of 47%. Return on tangible common equity (ROTCE) was 18.8%, against 12.8% in 2023.

Fourth-quarter net revenues were $16.2 billion, compared with $12.9 billion a year earlier. Quarterly net income applicable to the firm rose to $3.7 billion, or $2.22 per diluted share, from $1.5 billion, or $0.85 per share, and ROTCE for the quarter was 20.2%.

Chairman and Chief Executive Officer Ted Pick said: “An excellent fourth quarter with a 20% ROTCE followed three quarters of consistent execution for Morgan Stanley, capping off one of the strongest years in the Firm’s history.”

SEGMENT PERFORMANCE

Institutional Securities generated full-year net revenues of $28.1 billion, up from $23.1 billion in 2023. Investment banking revenues rose to $6.2 billion from $4.6 billion, equity revenues to $12.2 billion from $10.0 billion and fixed income revenues to $8.4 billion from $7.7 billion.

Wealth Management reported net revenues of $28.4 billion, compared with $26.3 billion, with a pre-tax margin of 27.2%. The division added net new assets of $251.7 billion during the year, versus $282.3 billion in 2023. Investment Management net revenues were $5.9 billion, up from $5.4 billion, with long-term net inflows of $18 billion. Total client assets across Wealth and Investment Management reached $7.9 trillion.

CAPITAL AND EFFICIENCY

The firm's expense efficiency ratio improved to 71% from 77% a year earlier. Morgan Stanley repurchased $3.3 billion of its common stock during 2024, including $0.8 billion in the fourth quarter, and its board declared a quarterly dividend of $0.925 per share, payable on 14 February 2025.