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Morgan Stanley: wealth management unit lifts earnings.

(CercleFinance.com) - Morgan Stanley posted a 12% increase in quarterly profit on Tuesday as the US investment bank benefited from the continued strenghth of its wealth management division.

The group said net income applicable to common shareholders rose to 1.8 billion dollars in Q3, from 1.6 billion dollars a year earlier.

Morgan Stanley's EPS reached 93 cents, beating the consensus of 81 cents.

Net revenue rose 3% to 9.2 billion dollars, while non‐interest expenses rose just 2% to 6.7 billion dollars.

The Wealth Management business reported net revenues of 4.2 billion dollars, compared with 3.9 billion dollars a year ago, while the Institutional Securities division - which includes sales, trading and markets activities - saw revenues decline 4% to 4.4 billion dollars.

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