Ted Pick, co-president of Morgan Stanley, spoke in an interview with Bloomberg TV on Thursday, October 26, 2023 in New York, USA.
Gina Moon | Bloomberg | Getty Images
Morgan Stanley said second-quarter profit and revenue beat analysts’ expectations as trading and investment banking performed stronger than expected.
Here’s what the company reports:
- Earnings per share: $1.82, vs. LSEG forecast of $1.65 per share
- Revenue: $15.02 billion, $14.3 billion expected
The bank said profits surged 41% from a year earlier to $3.08 billion, or $1.82 a share, as Wall Street activity rebounded. Revenue grew 12% to $15.02 billion.
Morgan Stanley benefited from its Wall Street-focused business model this quarter.
Equity trading revenue rose 18% to $3.02 billion, about $330 million higher than StreetAccount’s forecast. Fixed income trading rose 16% to $1.99 billion, $130 million above expectations.
Investment banking revenue surged 51% to $1.62 billion, beating expectations by $220 million, driven by a surge in fixed-income underwriting revenue. Morgan Stanley said this was largely driven by debt raised by non-investment grade companies.
“The company delivered another strong quarter amid improving capital market conditions,” Chief Executive Ted Peake said in the release. “We will continue to execute on our strategy and maintain our strong position, Deliver growth and long-term value to our shareholders.”
last week, JPMorgan, FuGuo bank and Citigroup Each beat revenue and profit expectations, consecutively Goldman Sachs Monday, benefiting from a rebound in activity on Wall Street.
This story is developing. Please check back for updates.
