CNBC's Leslie Picker joins 'Squawk Box' to break down the company's quarterly earnings results.

Morgan Stanley has announced record net revenues for the third quarter, reaching $18.2 billion, significantly above analyst estimates of $16.69 billion. The bank also reported a notable earnings beat, with all three major divisions—Institutional Securities, Investment Banking, and Global Wealth Management—surpassing expectations.

Investment banking revenue rose by 44 percent to $2.1 billion, and equities trading was up 35 percent compared to the previous year. Fee-based client asset flows and net new assets in wealth management also increased year over year. While expenses were slightly higher than anticipated, Morgan Stanley's return on tangible common equity reached 23.5 percent, the highest among its peers. Shares of the company rose in response to the results.

Morgan Stanley posts massive third-quarter earnings beat

We do have some breaking news. Morgan Stanley's just out with results. We'll come right back to this. Leslie Picker has those numbers for us right now, though. Hey, Leslie. Hey, Becky. Yeah, I am seeing a beat here, the biggest revenue beat it looks like since Q1 of 21. So about four and a half years of $18.2 billion on the top line compared to estimates of $16.69 billion. So that's record net revenues for Q3 for Morgan Stanley. Also a beat on the bottom line, coming in about 70 cents higher than consensus here. All three of its major divisions beat expectations largely by a long shot. Institutional securities, that's the one that houses M&A advisory, equity underwriting, debt underwriting, trading and so forth. That was a very sizable beat, more than a billion dollars compared to what the street was expecting here. Investment banking was up 44 percent, coming in at $2.1 billion. Advisory, equity underwriting, fixed income underwriting, all beating expectations and much, much higher than a year ago as well. The equities trading division, that was a beat and up 35 percent from a year ago. Global wealth management coming in at a beat. Fee-based client asset flows of $41.9 billion and net new assets of $81 billion. Both of those figures were also up year over year. The one thing I would point out is that comp and non-comp expense came in a bit higher than expectations. But this firm reporting an ROTCE, return on tangible common equity, of 23.5 percent, which is the best of its peer group. You can see shares of Morgan Stanley up 2.3 percent on these results. Guys, I'll send it back to you.

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Washington

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Tel Aviv-Yafo

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Breakdown