Morgan Stanley has released its first quarter report, revealing net revenues of $14.5 billion, down from $14.8 billion a year ago. The Firm reported net income of $3.0 billion, or $1.70 per diluted share, compared with net income of $3.7 billion, or $2.02 per diluted share, for the same period in 2022.

Despite a volatile market environment, Morgan Stanley's ROTCE remained strong at 16.9%. The Wealth Management business attracted $110 billion in net new assets, contributing to the $6.6 billion in net revenues for the quarter. However, Equity and Fixed Income net revenues were down 14% and 12%, respectively, from a year ago.

The Investment Banking activity remained constrained, while provisions for credit losses increased primarily due to commercial real estate and macroeconomic outlook deterioration.

Morgan Stanley maintained its strong capital levels and is well-positioned to provide long-term value to its shareholders.

“The Firm delivered strong results with a ROTCE of 17% in a very unusual environment, demonstrating the strength of our business model. The investments we have made in our Wealth Management business continue to bear fruit as we added a robust $110 billion in net new assets this quarter. Equity and Fixed Income revenues were strong, although Investment Banking activity continued to be constrained. We maintained our strong capital levels and remain well positioned to provide long-term value to our shareholders.”