Financial firm Morgan Stanley's net revenue inched up to US$10 billion from US$9.9 billion. — Reuters pic
NEW YORK, Oct 17 — Morgan Stanley beat estimates for quarterly profit today, buoyed by higher revenue from bond trading and M&A advisory fees, sending its shares up 4 per cent in premarket trading.
The results wrapped up earnings for the big US banks, which largely beat subdued expectations in a quarter that was overshadowed by trade tensions and worries of an economic slowdown that forced the US Federal Reserve to cut interest rates twice.
“We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets,” Chief Executive Officer James Gorman said in a statement.
Net income attributable to the company rose marginally to US$2.17 billion (RM9.06 billion), or US$1.27 per share, in the third quarter ended September 30, from US$2.11 billion, or US$1.17 per share, a year ago.
Net revenue inched up to US$10 billion from US$9.9 billion.
Analysts were expecting a profit of US$1.11 per share on revenue of US$9.6 billion, according to IBES data from Refinitiv.
Overall sales and trading revenue rose 10 per cent to US$3.45 billion.
Revenue from investment banking, which includes advising on deals and helping corporations raise money, rose 4.3 per cent to US$1.64 billion. — Reuters