Morgan Stanley reports record quarterly revenue and profit
Morgan Stanley earnings beat estimates on record Q2 revenue and profit Equities trading surged 69%; see how Asia demand and deal activity drove growth
Morgan Stanley reported record secondquarter revenue and profit on Wednesday, helped by a 69% increase in equities trading revenue. The bank said earnings per share were $3.46, ahead of analyst estimates, while revenue reached $21.35 billion.
Net income rose 58% from a year earlier to $5.58 billion, and total revenue increased 27% year over year. The strongest driver was equities trading, which produced a record $6.3 billion in revenue, with the company citing broad strength across its equities business and especially strong demand in Asia.
Other divisions also contributed to the results. Fixed income trading rose 13%, investment banking revenue increased 58% on more deal activity and higher debt issuance, and wealth management revenue climbed 14% as asset values and lending growth supported the business.