Morgan Stanley: quarterly profit rises on trading
(CercleFinance.com) - Morgan Stanley posted a 25% increase in quarterly profit on Thursday as stock and bond trading revenue soared.
Net income attributable to common shareholders rose to 2.7 billion dollars, or 1.68 dollars per share, in the third quarter, from 2.2 billion dollars or 1.28 dollars per share a year earlier.
Revenue rose 16% billion to 11.7 billion dollars, while expenses increased by 12% at 8.2 billion dollars.
Revenue rose in all the bank's businesses.
Stock trading revenue jumped to 2.3 billion dollars from 2 billion dollars a year earlier, while revenue from fixed income trading rose to 1.9 billion dollars from 1.4 billion dollars.
"We delivered strong quarterly earnings as markets remained active through the summer months," said Chairman and Chief Executive Officer James P. Gorman.
After JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America, Morgan Stanley is the last of the big five Wall Street firms to report quarterly earnings.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Net income attributable to common shareholders rose to 2.7 billion dollars, or 1.68 dollars per share, in the third quarter, from 2.2 billion dollars or 1.28 dollars per share a year earlier.
Revenue rose 16% billion to 11.7 billion dollars, while expenses increased by 12% at 8.2 billion dollars.
Revenue rose in all the bank's businesses.
Stock trading revenue jumped to 2.3 billion dollars from 2 billion dollars a year earlier, while revenue from fixed income trading rose to 1.9 billion dollars from 1.4 billion dollars.
"We delivered strong quarterly earnings as markets remained active through the summer months," said Chairman and Chief Executive Officer James P. Gorman.
After JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America, Morgan Stanley is the last of the big five Wall Street firms to report quarterly earnings.
Copyright (c) 2020 CercleFinance.com. All rights reserved.