Morgan Stanley: Q3 profit beats expectations

(CercleFinance.com) - Morgan Stanley did better than expected in Q3, thanks to the momentum of its investment banking activities, which benefited from a recovery in bond issues.


The US bank announced on Wednesday that its net banking income was up 16% to $15.38bn, against the consensus of $14.40bn.

The New York-based firm posted net income, group share, of $3.2bn, or $1.88 per share, compared with $2.4bn - or $1.38 - a year earlier, against a consensus of $1.58, i.e. up 16%.

Investment banking revenues climbed 56%, mainly due to the recovery of the bond market as a result of lower interest rates.

Equities trading was up 21%, boosted by renewed activity amongst clients, mainly in the Americas and Asia.

In pre-market trading, Morgan Stanley shares were up nearly 4%.


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