Morgan Stanley reports 60% profit surge in June
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The news: Morgan Stanley shares were up 0.5% at US market open on Wednesday after the bank reported a 60% increase in June quarter net profit to USD5.6 billion.
The numbers: Revenue rose 26.8% to USD21.3 billion, driven by a 69% surge in equity trading revenue and increased demand for wealth management and investment banking services.
The firm attracted a record USD148 billion in net new assets and earned a USD100 million fee from SpaceX’s IPO during the quarter.
What they said: Chair and CEO Ted Pick said it was a record quarter for revenue and earnings per share.
“Active markets and consistent execution across all three regions drove exceptional results for our integrated firm, delivering record revenue of more than USD21 billion and record EPS of USD3.46.”
The source: Morgan Stanley
