Morgan Stanleys income nearly doubles
(MENAFN- Arab News) NEW YORK: Investment bank Morgan Stanley said its third-quarter income nearly doubled from a year earlier helped by strength in its institutional securities and wealth management divisions.
Morgan Stanley earned $1.71 billion up from $889 million in the same period a year earlier. Earnings per share were 84 cents per share up from 45 cents a year earlier.
Earnings per share excluding items were 77 cents. Analysts were expecting 54 cents per share.
Net revenue totaled $8.9 billion up from $7.95 billion a year ago.
Morgan Stanley had a large increase in pre-tax income for its institutional securities business which includes its prime brokerage trading and investment banking divisions.
The segment earned $1.2 billion in the quarter versus $396 million in the same period a year earlier.
Wealth management which includes Morgan Stanley's Smith Barney franchise reported a pre-tax profit of $836 million up from $668 million a year ago.
Morgan Stanley earned $1.71 billion up from $889 million in the same period a year earlier. Earnings per share were 84 cents per share up from 45 cents a year earlier.
Earnings per share excluding items were 77 cents. Analysts were expecting 54 cents per share.
Net revenue totaled $8.9 billion up from $7.95 billion a year ago.
Morgan Stanley had a large increase in pre-tax income for its institutional securities business which includes its prime brokerage trading and investment banking divisions.
The segment earned $1.2 billion in the quarter versus $396 million in the same period a year earlier.
Wealth management which includes Morgan Stanley's Smith Barney franchise reported a pre-tax profit of $836 million up from $668 million a year ago.
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