Mor­gan Stan­ley profit soars 60%

Los Angeles Times - - BUSINESS -

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.

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