Morgan Stanley: profit beats on wealth management strength
(CercleFinance.com) - Morgan Stanley reported a better-than-expected quarterly profit on Thursday, driven by higher revenue in its key wealth management business.
Net income attributable to Morgan Stanley fell to 2.2 billion dollars or 1.23 dollar per share, in the second quarter ended 30 June, from 2.4 billion dollars, or 1.30 dollar per share, a year ago.
Analysts were expecting 1.16 dollar per share.
Wealth management revenue rose to 4.4 billion dollars in the past quarter, from 4.3 billion dollars a year ago, while Morgan Stanley's trading revenue dropped to 3.3 billion dollars from 3.7 billion dollars.
Morgan Stanley's overall revenue decreased to 10.2 billion dollars, from 10.6 billion dollars in the second quarter 2018.
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Net income attributable to Morgan Stanley fell to 2.2 billion dollars or 1.23 dollar per share, in the second quarter ended 30 June, from 2.4 billion dollars, or 1.30 dollar per share, a year ago.
Analysts were expecting 1.16 dollar per share.
Wealth management revenue rose to 4.4 billion dollars in the past quarter, from 4.3 billion dollars a year ago, while Morgan Stanley's trading revenue dropped to 3.3 billion dollars from 3.7 billion dollars.
Morgan Stanley's overall revenue decreased to 10.2 billion dollars, from 10.6 billion dollars in the second quarter 2018.
Copyright (c) 2019 CercleFinance.com. All rights reserved.