🔹 EPS: $2.60 (Est. $2.26) 🟢; UP +29% YoY
🔹 Revenue: $17.7B (Est. $16.56B) 🟢; UP +17% YoY
🔹 Net Income: $4.32B; UP +26% YoY
🔹 ROTCE: 23.0% (vs. 19.7% YoY)
🔹 ROE: 17.4%
🔹 Expense Efficiency Ratio: 68% (vs. 71% YoY)
🔹 Book Value per Share: $60.41; UP +9% YoY
🔹 Tangible Book Value per Share: $46.08; UP +12% YoY
🔹 CET1 Ratio (Std.): 15.3%
Segment Highlights
Institutional Securities:
🔹 Revenue: $8.98B (vs. $7.02B YoY); UP +28% YoY
🔸 Equities Trading Revenue: $4.13B (Est. $3.42B) 🟢; UP +45% YoY — record high
🔸 FICC Trading Revenue: $2.60B (Est. $2.48B) 🟡; UP +5% YoY
🔸 Investment Banking Revenue: $1.56B (Est. not provided); UP +8% YoY
▪ Advisory: $563M; UP +22%
▪ Equity Underwriting: $319M; DOWN -26%
▪ Fixed Income Underwriting: $677M; UP +22%
🔹 Other Revenue: $692M; driven by gains on corporate loan sales
🔹 Provision for Credit Losses: $91M (vs. $2M YoY); due to secured lending and macro forecast
🔹 Pre-tax Income: $3.3B; UP +38% YoY
Wealth Management:
🔹 Revenue: $7.33B (Est. $7.44B) 🔴; UP +6% YoY
🔹 Pre-tax Margin: 26.6%
🔸 Asset Management Revenue: $4.40B; UP +15% YoY
🔸 Transactional Revenue: $873M; DOWN -15% YoY
🔸 Net Interest Income: $1.90B; UP +2% YoY
🔹 Net New Assets: $94B
🔹 Fee-Based Asset Flows: $30B
🔹 Client Assets: $7.7T (across Wealth & IM)
🔹 Provision for Credit Losses: $44M (vs. release of $8M YoY); tied to CA wildfire-affected mortgages
Investment Management:
🔹 Revenue: $1.60B; UP +16% YoY
🔸 Asset Management Fees: $1.45B; UP +8% YoY
🔸 Performance & Other Revenue: $151M; UP +387% YoY
🔹 AUM: $1.65T; UP +9% YoY
🔹 Long-Term Net Flows: $5.4B
🔹 Pre-tax Income: $323M; UP +34% YoY
Capital Returns:
🔹 Share Buybacks: $1.0B (8M shares @ avg. $125.88)
🔹 Quarterly Dividend: $0.925/share
🔹 Tax Rate: 21.2%