Morgan Stanley: second-quarter profit surges on trading

(CercleFinance.com) - Morgan Stanley's second-quarter income rose by 39%, helped by rising revenue in its equity trading business, the bank said on Wednesday.


Overall, net income for shareholders in the second quarter rose to 2.4 billion dollars, or 1.30 dollars per share, from 1.8 billion dollars, or 87 cents per share, in the year-ago quarter.

While total net revenues jumped by 12% to 10.6 billion dollars in the quarter, revenues from sales and trading rose by 18% to 3.8 billion dollars.

Revenue from wealth management rose 5 per cent to 4.3 billion dollars from the year-ago quarter.

"We reported robust revenue and earnings growth this quarter with strength across all businesses and geographies," said Chairman and CEO James P. Gorman.

Shares in Morgan Stanley were up almost 3% in pre-market trading.

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