Comments
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.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.