Morgan Stanley profit soars 60%
Morgan Stanley reported a 60% jump in quarterly profit as revenue from trading stocks and bonds lifted the investment bank’s results.
First-quarter net income rose to $2.31 billion from $1.45 billion a year earlier, the New York bank said. On a pershare basis, Morgan Stanley’s earnings worked out to $1.18. Excluding a one-time tax benefit, the bank earned 89 cents a share, easily beating analysts’ average forecast of 78 cents, according to the data provider FactSet.
Revenue for the quarter rose to $9.91 billion from $9 billion a year earlier. That’s much better than the $9.19 billion analysts had expected, according to FactSet.