Morgan Stanley Wealth Management's first-quarter profit jumped 66% from the year-earlier period as income from lending soared and the firm continued to cut back on expenses.
The firm posted a quarterly profit of $423 million, up from $255 million in the year-earlier period, driven mainly by increases in fee revenue and net interest income. and a 6% reduction in non-compensation expenses.
The wealth management unit's profit margin was 19% in the quarter, and Ruth Porat, Morgan Stanley's chief financial officer, said that given the first-quarter trends, executives remain optimistic the firm will be able to meet its target of profit margins of 22% to 25% in the wealth management business by year-end.
“We still feel very good about that and hold that as something that we are looking to deliver and that doesn't assume any benefit from rates and the environment,” she said Thursday on a quarterly earnings conference c
No comments:
Post a Comment