Morgan Stanley earnings top estimates on increased trading revenue

Morgan Stanley connected Wednesday reported second-quarter results that crushed Wall Street expectations connected the backmost of higher trading revenues.

Here's what the slope reported for the 2nd 4th compared with what Wall Street was expecting, based connected a survey of analysts by LSEG:

• Earnings per share: $2.13 vs. $1.96 expected
• Revenue: $16.79 cardinal versus $16.07 cardinal expected

Net income roseate 13% to $3.5 billion, oregon $2.13 per share, from $3.1 billion, oregon $1.82 per share, for the aforesaid play a twelvemonth ago.

Institutional securities reported nett revenues of $7.64 billion, compared to astir $6.98 cardinal a twelvemonth ago. The beardown show was propelled by higher lawsuit enactment with notable spot successful equity trading.

"Morgan Stanley delivered different beardown quarter," Ted Pick, CEO and president of the slope said successful a statement. "Six sequential quarters of accordant net ... bespeak higher levels of show successful antithetic marketplace environments."

Wealth absorption was different beardown conception for the bank, which delivered nett revenues of $7.76 cardinal connected higher plus absorption revenues. A twelvemonth ago, the concern saw revenues of $6.79 billion.

The slope banal has risen much than 12% this year, doubling the S&P 500's performance. Shares were astir level successful premarket trading instantly pursuing the results.