Morgan Stanley beats estimates on better-than-expected trading and investment banking

Ted Pick, co-president of Morgan Stanley, speaks during a Bloomberg Television interview in New York, US, on Thursday, Oct. 26, 2023.said second-quarter profit and revenue topped analysts' estimates on stronger-than-expected trading and investment banking results.Revenue: $15.02 billion, vs. $14.3 billion estimate

The bank said profit surged 41% from the year-earlier period to $3.08 billion, or $1.82 per share, helped by a rebound in Wall Street activity. Revenue rose 12% to $15.02 billion.Equity trading revenue jumped 18% to $3.02 billion, exceeding the StreetAccount estimate by about $330 million. Fixed income trading rose 16% to $1.99 billion, topping the estimate by $130 million.

Investment banking banking revenues surged 51% to $1.62 billion, exceeding the estimate by $220 million, on a surge in fixed income underwriting revenue. Morgan Stanley said that was primarily driven by non-investment grade companies raising debt. "The firm delivered another strong quarter in an improving capital markets environment," CEO Ted Pick said in the release. "We continue to execute on our strategy and remain well positioned to deliver growth and long-term value for our shareholders."

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Here are Morgan Stanley's 3 stocks to own to play the autonomous driving themeHere are Morgan Stanley's 3 stocks to own to play the autonomous driving theme
La source: Investingcom - 🏆 450. / 53 Lire la suite »

Morgan Stanley says memory stocks are set for 'new highs' and names its top picksMorgan Stanley analysts say they are expecting the computer memory sector to hit new highs over the rest of 2024, despite investors 'generally' not being comfortable buying such stocks at such lofty prices.
La source: CNBC - 🏆 12. / 72 Lire la suite »