Morgan Stanley fattens profit by $1 billion as investment banking revenue jumps

Morgan Stanley MS, +0.81% connected Thursday said its third-quarter nett income roseate to $3.7 cardinal oregon $1.98 a share, from $2.7 billion, oregon $1.66 a share, successful the year-ago period. Revenue accrued to $14.8 cardinal from $11.7 cardinal a twelvemonth ago. Analysts expected the concern slope to gain $1.69 a stock connected gross of $13.93 billion. Chairman and CEO James P. Gorman said Morgan Stanley "delivered different precise beardown quarter, with robust revenues and improved efficiency" with a instrumentality connected producing a instrumentality connected mean tangible communal shareholders' equity (ROTCE) of 20%, highlighted by its "standout performance" successful its concern slope and grounds nett caller assets of $135 cardinal successful wealthiness management. The firm's concern banking gross roseate astir 68% to $2.85 cardinal from $1.7 billion. Shares of Morgan Stanley roseate 1.8% successful pre-market trades. The banal is up 43.8% this year, compared to a summation of 16.2% by the S&P 500.