REUTERS: Morgan Stanley posted an about 57per cent rise in fourth-quarter profit on Wednesday, as the Wall Street bank's trading business benefited from coronavirus-induced volatility in financial markets.
Net income applicable to common shareholders rose to US$3.27 billion, or US$1.81 per share, in the quarter ended Dec. 31, compared with US$2.09 billion, or US$1.30 per share, a year earlier.Analysts had expected a profit of US$1.27 per share, according to Refinitiv IBES data. Revenue from the bank's institutional securities business, its largest source of income, rose to US$7 billion from US$5.05 billion last year.
High trading volumes during the quarter, stemming from the U.S. elections and the release of coronavirus vaccines, benefited the bank's trading unit, which is housed within the institutional securities business.Advertisement
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