Morgan Stanley reports third quarter net income down 17%

Morgan Stanley today reported net income of $611 million for the quarter ended August 31, 2002 — a 17 percent decline from the third quarter of 2001 and 23 percent lower than the second quarter of 2002. Diluted earnings per share were $0.55 — compared to $0.65 a year ago and $0.72 in the second quarter.

Third quarter net revenues (total revenues less interest expense and the provision for loan losses) were $4.6 billion — 11 percent below third quarter 2001 and 7 percent below second quarter 2002. The annualized return on average common equity for the current quarter was 11.4 percent.

In the first nine months of fiscal 2002, net income was $2,256 million, 18 percent lower than $2,740 million a year ago. Nine-month diluted earnings per share were $2.03, down 16 percent from last yearÂ's $2.41.2 Net revenues declined 15 percent and non-compensation expenses declined 13 percent from a year ago. The annualized return on average common equity for the nine-month period was 14.3 percent.

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(source: Morgan Stanley)

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