- Bank lending balances rose sequentially to $174 billion, supporting net interest income growth to $2 billion.
- Institutional Securities revenues were $8.5 billion, driven by strong investment banking and equities performance.
- Investment Management reached a record $1.8 trillion in assets under management (AUM) with $1.7 billion in revenues.
- Morgan Stanley reported record revenues of $18.2 billion and EPS of $2.80 for Q3 2025.
- Net new assets totaled $81 billion, with fee-based flows exceeding $40 billion for the second consecutive quarter.
- Return on tangible common equity (ROTCE) was strong at 23.5%, reflecting operating leverage.
- Total client assets increased by $1.3 trillion year-over-year to $8.9 trillion.
- Wealth Management achieved record revenues over $8 billion with a 30.3% margin.
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- Adjusted diluted EPS increased 14% year-over-year to $2.46.
- Adjusted operating EBITDA grew 19% to $387 million with an expanded margin of 65.8%.
- Adjusted operating expenses increased 8% year-over-year to $213 million.
- Cboe grew net revenue 14% year-over-year to a record $587 million in Q2 2025.
- Data Vantage growth was driven primarily by new subscription and unit sales, accounting for roughly 75% of growth.
- Derivatives Markets net revenue grew 17%, Data Vantage net revenue grew 11%, and Cash and Spot Markets net revenue grew 11%.
- Europe and APAC segment achieved 30% year-over-year net revenue growth, driven by strong European cash equities performance.
- Futures net revenue decreased 14% due to lower volumes, while global FX segment net revenue grew 19%.
- Options segment delivered its fourth consecutive quarter of record net revenue with 19% year-over-year growth.
- Allowance for loan losses increased to 85 basis points of funded loans, reflecting portfolio mix changes and overlays.
- Efficiency ratio improved nearly 3% to 57.4%, with adjusted efficiency ratio excluding ECR deposit costs dropping below 50%.
- EPS was $2.28 with return on average assets at 1.13% and return on average tangible common equity at 15.6%.
- Net charge-offs were 22 basis points, and total criticized assets declined 17%, reflecting stable asset quality.
- Net interest income grew 30% linked quarter annualized to $750 million, supported by $6.1 billion in deposit growth and stable net interest margin of 3.53%.
- Non-interest income increased 27% quarter over quarter to $188 million, driven by mortgage banking revenue growth.
- Western Alliance reported record net revenue of $938 million and pre-provision net revenue of $394 million in Q3 2025.
- Adjusted noninterest expense decreased $12 million versus prior year to $521 million, reflecting seasonality and lower technology costs, but increased 3% year-over-year due to higher incentive compensation.
- Average loans grew 5.6% annualized quarter-over-quarter and 3.7% year-over-year, with average deposits up 0.5% year-over-year but down 1.4% annualized quarter-over-quarter.
- Common Equity Tier 1 ratio was 11%, with tangible book value per share growing 20% year-over-year.
- Credit quality remained strong with net charge-offs at $10 million (7 bps annualized), nonperforming assets at 0.51% of loans, and allowance for credit losses at 1.2% of loans.
- Diluted earnings per share was $1.63, up from $1.13 in the prior period and $1.28 year-over-year, including a $0.05 per share benefit from an SBIC portfolio investment.
- Net earnings for Q2 2025 were $243 million, a 28% increase year-over-year and 44% increase quarter-over-quarter.
- Net interest margin expanded for the sixth consecutive quarter to 3.17%, driven by lower funding costs and improved earning asset mix.
- Noninterest income increased 4% quarter-over-quarter and 7% year-over-year, led by capital markets activity and customer-related fees.
- AXIS delivered an annualized operating return on equity of 19% in Q2 2025, with record diluted book value per common share of $70.34, up 18.6% year-over-year.
- Catastrophe losses were $37 million, primarily from severe convective storms in the U.S., with a cat loss ratio of 2.6%.
- G&A ratio was 11.6%, slightly up from 11.4% a year ago due to severance and IT investments.
- Insurance segment gross premiums written were $1.9 billion, a 7% increase year-over-year, with an overall combined ratio of 85.3%.
- Investment income was strong at $187 million, benefiting from FX and a market yield of 5% above the 4.6% book yield.
- Net income available to common shareholders was $216 million or $2.72 per diluted common share; operating income was $261 million or $3.29 per diluted common share.
- Operating earnings per share reached an all-time high of $3.29, a 12% increase over the prior year quarter.
- Record second quarter premiums totaled $2.5 billion, including $732 million in new business, with a combined ratio of 88.9%.
- Reinsurance segment gross premiums were down 6.8%, with a combined ratio of 92% and underwriting income of $38 million.
- Reserve releases totaled $20 million from short-tail lines, split between insurance and reinsurance.
- Adjusted compensation expense was $504 million in Q2 with a ratio of 65.5%, and adjusted non-compensation expense was $157 million with a ratio of 20.4%.
- Adjusted effective tax rate for Q2 was 36.5%, expected full year 2025 rate in mid-20% range.
- Asset Management adjusted net revenue was $268 million in Q2, up 1% year-over-year, with average AUM of $239 billion, 3% lower than Q2 2024 but up 3% sequentially.
- Asset Management delivered adjusted net revenue of $533 million for the first half, with AUM increasing 10% year-to-date and positive net flows in Q2.
- Financial Advisory achieved a record first half with adjusted net revenue of $861 million, driven by geographic and product diversity including record revenue in France and Germany.
- Lazard reported total firm-wide adjusted net revenue of $1.4 billion for the first half of 2025.
- Returned $60 million to shareholders in Q2 including a $47 million dividend; declared quarterly dividend of $0.50 per share.
- Second quarter firm-wide adjusted net revenue was $770 million, up 12% year-over-year, with Financial Advisory revenue up 20% to $491 million.
- Core fee revenue grew 9% quarter-over-quarter, led by wealth (17% YoY growth), capital markets, and mortgage businesses.
- Core net interest margin expanded by 1 basis point to 3.89%, driven by a 9 basis point reduction in total funding costs and a deposit beta of 43%.
- Gross loans were flat quarter-over-quarter, with strong commercial fundings, especially in C&I loans growing 2% linked quarter, and consumer residential mortgage and HELOCs growing 2% and 8% respectively.
- Net credit costs were $14.3 million with net charge-offs at 30 basis points, half attributable to the Upstart sale; excluding Upstart, net charge-offs were 14 basis points.
- Nonperforming assets declined to 51 basis points of total assets due to payoffs, despite a slight uptick in delinquencies that resolved in July.
- Total client deposits increased 1% linked quarter and 5% year-over-year, with noninterest deposits growing 11% YoY to over 30% of total deposits.
- WSFS reported core earnings per share of $1.27 for Q2 2025, with core return on assets at 1.3% and core return on tangible common equity at 18.03%, all improved from Q1.
- WSFS returned $87.3 million in capital during Q2, including $77.7 million in share buybacks representing 2.7% of outstanding shares; year-to-date buybacks total 4.4% of shares.
- Allowance for credit losses increased to $43 million or 1.08% of total loans from $41.6 million or 1.05%.
- Common equity Tier 1 was 13.77%, up from 13.47% last quarter.
- Efficiency ratio adjusted for certain costs was 54.54%, improved from 55.48% last quarter.
- Loan-to-deposit ratio was 83.3%, up from 81.2% last quarter but down from 87.9% a year ago.
- Mortgage banking income was slightly up quarter-over-quarter excluding MSR mark-to-market volatility.
- Net income was $21.8 million or $0.48 per diluted share in the second quarter.
- Net interest margin improved 22 basis points year-over-year and decreased 3 basis points quarter-over-quarter.
- Noninterest expense was $1.1 million less than prior quarter, with strong expense discipline.
- Noninterest income grew with wealth management fees up 11.7% and service charges on deposits up 11.2%.
- Return on assets was 1.53%.
- Return on average tangible common equity was 15.29%.
- Second quarter earnings were impacted by $531,000 MSR mark-to-market losses and $810,000 merger-related expenses.
- Tangible equity ratio increased by 49 basis points from last quarter to 10.83%, and by 144 basis points year-over-year.
- Tax equivalent efficiency ratio was 54.54%.
- Total loans increased by $58.4 million from last quarter, driven by construction and lease portfolios.
Dafinchi