Morgan Stanley beats forecasts with record Q3 revenue.
Banking giant Morgan Stanley posted third-quarter earnings that comfortably beat Wall Street expectations on Wednesday, driven by robust trading and investment banking activity.
Source: Sharecast
Morgan Stanley reported a 45% year-on-year jump in profits to $4.61bn, or $2.80 per share, while revenues rose 18% to a record $18.22bn, ahead of consensus estimates of $16.7bn.
Equities trading revenue surged 35% to $4.12bn, with the bank citing broad-based activity and record performance in its prime brokerage unit, while fixed income trading rose 8% to $2.17bn, broadly in line with forecasts.
Investment banking revenue climbed 44% to $2.11bn, boosted by higher volumes of completed mergers, IPOs and fixed income fundraising.
As of 1345 BST, Morgan Stanley shares were up 3.64% in pre-market trading at $161.00 each.
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