Morgan Stanley On Thursday, the company outperformed its third-quarter earnings and earnings expectations as it achieved record results in investment banking and wealth management.
The numbers are:
- Revenue: $ 1.98 per share vs. $ 1.68 per share of analysts surveyed by Refinitiv
- Revenue: Estimated $ 14.75 billion vs. $ 14 billion
Revenue and net income surged more than 25% from a year ago with the acquisition of E-Trade and Eaton Vance by CEO James Gorman. This has expanded the asset management department of the company. Bank stocks rose 1.5%.
“We have achieved another very strong quarter with strong earnings and improved efficiency,” Gorman said in a release. “We have achieved outstanding performance at Integrated Investment Banking and recorded a net new asset of $ 135 billion in wealth management.”
While rival banks are reporting slow down Morgan Stanley’s strength in third-quarter fixed income trading revenue has traditionally been in the world’s largest equity franchise.
Equity trading revenue was $ 2.88 billion, up 24% year-on-year, more than $ 500 million above Street Account’s estimate. Fixed income income fell 16% to $ 1.64 billion, above the $ 1.53 billion estimate.
Another area of prosperity is investment banking, driven by strong mergers and IPO activities, where Morgan Stanley is also a top player.Rival advisor JP Morgan Chase Recorded investment banking fees in the third quarter.
Morgan Stanley’s investment banking franchise, backed by strong merger advisory fees, saw revenues grow 67% to a record $ 2.85 billion, more than $ 600 million above Street Account’s estimates.
In the company’s large wealth management division, revenue increased 28% to $ 5.94 billion. This increase was driven by record asset management income of $ 3.63 billion, thanks to higher equity values and higher fees from financial advisors. Indeed, revenue from Morgan Stanley’s wealth management division fell short of Street Account’s forecast of $ 6.18 billion.
Bank stocks rose 44% this year until Wednesday’s closing, outpacing the 36% rise in the KBW Bank Index.
JP Morgan exceeded expectations on Wednesday, supported by an unexpected increase of $ 1.5 billion due to bad debt losses. Bank of America Results posted on Thursday Beyond Analysts’ expectations were due to higher-than-expected bad debt losses and record advisory and asset management fees.
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Morgan Stanley (MS) Revenues Q3 2021
Source link Morgan Stanley (MS) Revenues Q3 2021