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 $6.7B for its wealth management segment, which reflect higher net interest income and the positive impact of DCP. Net new client assets were $90B.
"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."