Morgan Stanley's income nearly doubles
NEW YORK (AP) — Investment bank Morgan Stanley said Friday its third-quarter income nearly doubled from a year earlier, helped by strength in its institutional securities and wealth management divisions.
Morgan Stanley earned $1.71 billion, up from $889 million in the same period a year earlier. Earnings per share were 84 cents per share, up from 45 cents a year earlier.
Earnings per share, excluding items, were 77 cents. Analysts were expecting 54 cents per share.
Net revenue totaled $8.9 billion, up from $7.95 billion a year ago.
Morgan Stanley had a large increase in pre-tax income for its institutional securities business, which includes its prime brokerage, trading and investment banking divisions. The segment earned $1.2 billion in the quarter, versus $396 million in the same period a year earlier.
Wealth management, which includes Morgan Stanley's Smith Barney franchise, reported a pre-tax profit of $836 million, up from $668 million a year ago.
Morgan Stanley's stock jumped 5.4 percent in pre-market trading.