India, April 15 -- Financial services firm Morgan Stanley (MS) reported Wednesday a net profit for the first quarter that increased 30 percent from last year, driven by 16 percent revenue growth and 27 percent lower provisions for credit losses. The firm also declared a quarterly dividend of $1.00 per share.
In Wednesday pre-market trading, MS is currently trading on the NYSE at $188.39, up $5.09 or 2.78 percent.
"Morgan Stanley reported a record quarter. Strong execution resulted in net revenues of $20.6 billion, EPS of $3.43 and a ROTCE of 27.1%," said Chairman and CEO Ted Pick.
For the first quarter, net income applicable to the company's common shareholders increased to $5.41 billion or $3.43 per share from $4.16 billion or $2.60 per...