Morgan Stanley: quarterly profit jumps on trading strength
(CercleFinance.com) - Morgan Stanley's second-quarter profit jumped 45% as revenue climbed across its investment banking and trading businesses relative to last year.
The New York firm said revenues at its main trading unit rose to 4.7 billion dollars, up 71% from a year ago, while its investment banking division saw its revenues rise by 35% to 2.1 billion dollars.
Total revenue rose 31% to 13.4 billion dollars, while expenses rose 23% at 9 billion dollars, meaning that the bank is keeping its costs under control.
Net income attributable to common shareholders rose to 3.2 billion dollars, or 1.96 dollar per share, in the second quarter, from 2.2 billion or 1.23 dollar per share a year ago.
Like JPMorgan Chase and Goldman Sachs, Morgan Stanley easily beat analysts' earnings estimates, with the consensus expecting just 1.12 dollar per share
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The New York firm said revenues at its main trading unit rose to 4.7 billion dollars, up 71% from a year ago, while its investment banking division saw its revenues rise by 35% to 2.1 billion dollars.
Total revenue rose 31% to 13.4 billion dollars, while expenses rose 23% at 9 billion dollars, meaning that the bank is keeping its costs under control.
Net income attributable to common shareholders rose to 3.2 billion dollars, or 1.96 dollar per share, in the second quarter, from 2.2 billion or 1.23 dollar per share a year ago.
Like JPMorgan Chase and Goldman Sachs, Morgan Stanley easily beat analysts' earnings estimates, with the consensus expecting just 1.12 dollar per share
Copyright (c) 2020 CercleFinance.com. All rights reserved.