x DVA, our revenue, net earnings, EPS and ROE for the quarter were among the highest since the financial crisis. ROE was over 9%. IC revenues were particularly strong with significant progress in Fixed Income, driven by improved balance sheet velocity and VAR efficiency. This was coupled with continued strength in equities despite challenging markets. We reached an important milestone in the quarter with the successful move for the first wave of legacy Smith Barney Advisors to our new technology platform, with the rest to follow in early May and early July. We are just 11 weeks away from completion of this integration.Our strategic partnership with MUFG continues to grow as we deepen client relationships and leverage our combined balance sheet to deliver financial solutions. Finally, we have delivered on the promise of expense control. We're disciplined in the approach to compensation, and while overall compensation expense rose, of course, with higher revenues, the actions we've taken in the last few years, we meaningfully reduced the ratio, striking a balance between driving ROE and investing in the franchise. Similarly, our rigorous non-compensation expense program allowed us to keep a tight rein on spending, and thus, drove significant operating leverage. Clearly, we still have work to do to reach our goals, and I believe the progress we have made further underscores the strength of this franchise globally. I'll now turn it over to Ruth to take you through our earnings in detail. Ruth Porat Good morning. To provide greater transparency into our results, I will provide both GAAP results and results excluding the effect of DVA. We will present our results this way, whether the impact is positive or negative, and have provided reconciliations in the footnotes to the earnings release to reconcile these non-GAAP measures. DVA in the quarter was negative $2 billion with $381 million in equity sales and trading and $1.6 billion in Fixed Income sales and trading. Excluding the impact of DVA, firm-wide revenues were $8.9 billion, up 24% sequentially, excluding the impact of the MBIA settlement in the fourth quarter. Noninterest expenses were $6.7 billion, up 10% versus the fourth quarter.
Compensation expenses of $4.4 billion this quarter included approximately $138 million related to severance. Non-compensation expenses were $2.3 billion, down 2% from last quarter, reflecting firm-wide cost-containment efforts.Income from continuing operations applicable to Morgan Stanley common shareholders was approximately $1.3 billion. Net income from continuing operations per diluted share was $0.71 after preferred dividends. On a reported or GAAP basis, firm-wide revenues for the first quarter were $6.9 billion, up 22% sequentially. Income from continuing operations applicable to Morgan Stanley common shareholders was a loss of approximately $103 million, and the reported net loss from continuing operations per diluted share was $0.05 after preferred dividends. Book value at the end of the quarter was $30.74 per share. Tangible book value was $27.37 per share. Subsequent to the end of the quarter, we closed on the sale of Quilter and the first phase of the Saxon disposition. Read the rest of this transcript for free on seekingalpha.com