Morgan Stanely Shares Fall Nearly 5% In Premarket

Morgan Stanley’s Shares Are Down 4.28% In Premarket

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The latest earning report reveals Morgan Stanley’s profits fell 19 per cent in the first quarter.

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Among the largest US banks, Morgan Stanely,saw its shares’ value drop sharply today before the market opened.

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Net income applicable to shareholders totalled $2.98bn, or $1.70 per share in the first quarter, down from $3.7bn, or $2.02 per share, in the same period last year, the bank revealed.

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Profits were hit by the bank quadrupling provisions for potential credit losses to $234mn, up from $57mn a year ago.

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The dip in profits primarily related to commercial real estate and deterioration in the macroeconomic outlook, Morgan Stanely said.

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Morgan Stanley said deposits fell 3 per cent to $340.9bn from $350.6bn last quarter.

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Deposits have been a major focus for investors since the collapse of the Silicon Valley Bank.

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