Morgan Stanley: profit beats on strength in bond trading
(CercleFinance.com) - Morgan Stanley reported a better-than-expected quarterly profit on Thursday, mainly driven by higher revenue in its bond trading business.
The investment bank's bond trading revenue rose to 1.27 billion dollars in the fourth quarter, more than doubling from the 564 million dollars posted for the same period a year ago.
The Wall Street giant's sales and trading revenue - its biggest contributor in terms of revenue - rose to 3.19 billion dollars from 2.48 billion dollars a year ago.
Morgan Stanley's overall revenue rose a better-than-expected 27% to 10.9 billion dollars, resulting in record full-year revenues.
Net attributable income rose to 2.24 billion dollars, or 1.30 dollar per share, in the quarter ended 31 December, from 1.53 billion dollars, or 80 cents per share, a year ago.
Meanwhile, analysts were expecting 99 cents per share.
"We delivered strong quarterly earnings across all of our businesses," said Chief Executive Officer James Gorman. "This consistent performance met all of our stated performance targets," he added.
Morgan Stanley were up 1.5% in pre-market trading on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The investment bank's bond trading revenue rose to 1.27 billion dollars in the fourth quarter, more than doubling from the 564 million dollars posted for the same period a year ago.
The Wall Street giant's sales and trading revenue - its biggest contributor in terms of revenue - rose to 3.19 billion dollars from 2.48 billion dollars a year ago.
Morgan Stanley's overall revenue rose a better-than-expected 27% to 10.9 billion dollars, resulting in record full-year revenues.
Net attributable income rose to 2.24 billion dollars, or 1.30 dollar per share, in the quarter ended 31 December, from 1.53 billion dollars, or 80 cents per share, a year ago.
Meanwhile, analysts were expecting 99 cents per share.
"We delivered strong quarterly earnings across all of our businesses," said Chief Executive Officer James Gorman. "This consistent performance met all of our stated performance targets," he added.
Morgan Stanley were up 1.5% in pre-market trading on Thursday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.