Morgan Stanley posts record net revenues of $21.3bn as equities trading rose 69 percent

Morgan Stanley's second-quarter results were reported by Cris Tolomia at Quartz. Net revenues reached $21.35bn, up from $16.79bn a year earlier. Net income was $5.58bn, or $3.46 per diluted share, against $3.54bn, or $2.13. Equities net revenues climbed to $6.30bn, from $3.72bn. Institutional Securities brought in $11.04bn. Investment banking net revenues rose 58 percent, to $2.44bn, with advisory at $798m against $508m a year earlier and equity underwriting at $851m against $500m. Wealth Management reported net revenues of $8.86bn and added $148.1bn of net new assets, against $59.2bn a year earlier, and total client assets across Wealth and Investment Management reached $10tn. Return on tangible common equity was 26.6 percent, up from 18.2 percent. The Standardized Common Equity Tier 1 ratio was 14.8 percent.