Morgan Stanley (NYSE:MS) today reported its financial results for the final quarter and full year 2020.

Institutional Securities reported net revenues of $7.0 billion for the final quarter of 2020 compared with $5.1 billion a year ago. Pre-tax income was $3.2 billion compared with $1.1 billion a year ago.

Sales and Trading net revenues were up 32% from a year ago. Equity sales and trading net revenues increased from a year ago reflecting strong performance across products and geographies driven by increased client activity, with particular strength in derivatives. Fixed Income sales and trading net revenues increased from a year ago reflecting strong performance across businesses, benefitting from strong client engagement and market volatility, with notable strength in foreign exchange and credit products.

Wealth Management reported net revenues of $5.7 billion for the fourth quarter of 2020 compared with $4.6 billion a year ago. Pre-tax income of $1.1 billion in the final quarter of 2020 resulted in a pre-tax margin of 18.8% or 22.9% excluding the impact of integration-related expenses. The comparisons of current year results to prior periods were impacted by the acquisition of E*TRADE.

Across all segments, Morgan Stanley reported net revenues of $13.6 billion for the fourth quarter ended December 31, 2020 compared with $10.9 billion a year ago. Net income applicable to Morgan Stanley was $3.4 billion, or $1.81 per diluted share, compared with $2.2 billion, or $1.30 per diluted share, for the same period a year ago.

Full year net revenues were a record $48.2 billion compared with $41.4 billion a year ago. Net income applicable to Morgan Stanley for the current year was $11.0 billion, or $6.46 per diluted share, compared with $9.0 billion, or $5.19 per diluted share, a year ago.

James P. Gorman, Chairman and Chief Executive Officer, commented:

“The Firm produced a very strong quarter and record full-year results, with excellent performance across all three businesses and geographies. I am extremely proud of how our employees came together to support each other and our communities and deliver for our clients in an incredibly challenging year. Our unique business model continues to serve us well as we further execute on our long-term strategy with the acquisitions of E*TRADE and Eaton Vance. We enter 2021 with significant momentum, and I am very confident in our competitive position and our opportunities for continued growth.”