Another BANK beats Estimates by TRADING
Morgan Stanley posted second-quarter results that blew past analysts’ estimates on stronger-than-expected trading revenue.
The bank generated profit of $3.2 billion, or $1.96 a share, exceeding the $1.12 a share estimate of analysts surveyed by Refinitiv.
Fixed income traders had a blowout quarter, posting a nearly 170% revenue increase to $3.03 billion.
Equities traders generated a more modest 23% increase in revenue to $2.62 billion. Combined, the trading division gained $1.4 billion more revenue than analysts had expected.
Morgan Stanley, which is essentially a global investment bank paired with a large wealth management business, benefited from one of Wall Street’s best trading quarters in years. The New York-based bank runs the biggest stock-trading business in the world, as well as a bond trading division that punches above its weight.