Investment bank Morgan Stanley says that its third-quarter earnings almost doubled as the firm’s securities unit returned to a profit.
The bank earned $ 1.01 billion from July to September after stripping out an accounting charge. That compares with earnings of $ 560 million a year earlier.
The profit works out to 50 cents a share before the charge, compared with 28 cents a share in the same period a year earlier. Financial analysts polled by data provider FactSet predicted earnings of 40 cents. Analysts generally strip out one-time items.
Revenue totalled $ 8.1 billion, up 6.5 per cent from last year’s total of $ 7.6 billion.
The bank’s stock rose 77 cents, or 2.7 per cent, to $ 29.70 in pre-market trading.
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