Left Menu
Development News Edition

UPDATE 1-Morgan Stanley beats profit estimates as bond trading revenue surges

UPDATE 1-Morgan Stanley beats profit estimates as bond trading revenue surges
Representative Image Image Credit: Wikimedia

Morgan Stanley beat estimates for quarterly profit by a wide margin on Thursday, powered by strength in its investment management, bond trading, and underwriting businesses.

Revenue from sales and trading rose 28% to $3.19 billion. Bond trading sales more than doubled to $1.27 billion from a year earlier when financial markets were roiled by trade and global growth concerns. Revenue from investment banking, which includes advising on deals and helping corporations raise money, rose 11.2%, buoyed by higher bond and equity underwriting.

"We delivered strong quarterly earnings across all of our businesses ... This consistent performance met all of our stated performance targets," Chief Executive James Gorman said in a statement. Under Gorman, Morgan Stanley has been hitting key financial targets consistently for some time, which suggests he may announce new targets soon, according to analysts.

Shares of Morgan Stanley rose about 2% in trading before the bell. Investment management revenue nearly doubled to $1.36 billion, with overall net revenue rising by 27% to $10.86 billion.

The bank said earnings attributable to common shareholders rose to $2.09 billion, or $1.30 per share, in the quarter ended Dec. 31, from $1.36 billion, or 80 cents per share, a year ago. Analysts had expected a profit of 99 cents per share, according to IBES data from Refinitiv.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

SDG2030: Challenges of technological applications in advancing Global Goals

Application of contemporary and future information technologies may go milestones in advancing sustainable development goals SDGs provided the challenges are overcome and implementation is ensured....

Sustainable Fashion: UNDP wants you to wear properly to reduce Global Warming 

The experts have estimated that the amount of water used to prepare one pair of jeans and a T shirt is sufficient for a person to drink for 13 years....

World Economic Forum suggests 8 Education Models for Future Schools

In a report released on January 14, the World Economic Forum WEF has also picked two examples for each model from throughout the world. The WEF has emphasized that these schools systems would be crucial for Forth Industrial Revolution.&#160...


Latest News

Golf-Woods and Snead tied with 82 PGA Tour wins, but no comparison, says former commissioner

As Tiger Woods makes his first attempt this week at surpassing Sam Snead for the most all-time PGA Tour victories, the man largely responsible for pegging Sneads number at 82 has weighed in with his thoughts on how the two greats compare.Ma...

Hand grenade collected from firing range goes off; boy killed

A 13-year-old tribal boy was killed and another person injured on Monday when a hand grenade they had collected from a CISF firing range exploded, police said. The incident took place in Barwaha town when the duo was trying to take out met...

Chairman of Czech upper house of parliament dies

Jaroslav Kubera, the chairman of the Czech upper house of parliament, died on Monday morning, the chambers spokeswoman said.Kubera, 72, gave a speech at his partys congress on the weekend and was not known to be suffering from a serious ill...

Pak urges US to get it out of FATF grey list

Pakistan has urged the US to support its bid to exit from the grey list of the FATF ahead of a key meeting of the international terror financing watchdog in Beijing in which it will scrutinise Islamabads efforts to adopt stricter laws again...

Give Feedback