Morgan Stanley said Thursday that its first-quarter profit fell to $968 million, or 50 cents a share, compared to profit of $1.78 billion, or 99 cents a share, in the year-ago period.

Net revenues fell 16 percent, to $7.64 billion.

Despite the decline, the investment bank’s earnings beat the Wall Street consensus, with analysts surveyed by FactSet Research expecting, on average, profit of 42 cents a share on revenue of $7.88 billion.

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