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Morgan Stanley profit rises 61.7 pct as trading makes comeback
October 19, 2016 / 11:10 AM / a year ago

Morgan Stanley profit rises 61.7 pct as trading makes comeback

Oct 19 (Reuters) - Morgan Stanley reported a 61.7 percent jump in quarterly profit on Wednesday, boosted by a surge in bond trading that followed Britain’s surprise vote to leave the European Union and bouts of anxiety about monetary policy around the world.

Earnings applicable to shareholders rose to $1.52 billion from $939 million for the quarter ended Sept. 30, while earnings per shares rose to 81 cents from 48 cents.

Earnings per share from continuing operations was 80 cents.

Analysts on average had expected earnings of 63 cents per share, according to Thomson Reuters I/B/E/S.

Adjusted revenue from sales and trading of fixed-income securities and commodities more than doubled to $1.5 billion, boosting total revenue by 14.7 percent to $8.91 billion. Analysts had expected revenue of $8.17 billion.

Morgan Stanley wraps up a surprisingly strong quarter for big U.S. banks. Goldman Sachs Group Inc, Morgan Stanley’s closest rival, reported a better-than-expected 58 percent rise in third-quarter profit on Tuesday, driven by a 34 percent rise in revenue from trading bonds, currencies and commodities.

Reporting by Sweta Singh and Sudarshan Varadhan in Bengaluru; Editing by Ted Kerr

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