Morgan Stanley profit rises on capital market, deal-making boom

Morgan Stanley reported a more than 11% jump in quarterly profit on Thursday, as its investment banking business benefited from record levels of activity in deal-making and capital markets.

The Wall Street bank said its net income applicable to common shareholders rose to $3.4 billion, or $1.85 per share, in the second quarter ended June 30 from $3.05 billion, or $1.96 per share, a year earlier.

Analysts on average were expecting the bank to report a profit of $1.65 per share, according to IBES data from Refinitiv.