INTERNATIONAL - Morgan Stanley posted an 11% rise in quarterly profit as strength in wealth management and investment banking businesses more than made up for a slowdown in trading.
The bank’s wealth management revenue rose 8.7% to $4.22 billion (R56.6bn) - its highest, while investment banking revenue rose 12.7% to $1.38bn.
Bond trading revenue, however, fell 20percent to $1.2bn, mirroring declines across the sector. Citigroup, JPMorgan Chase & Co and Bank of America Corp have all reported steep declines in fixed income trading. Revenue from equities trading remained flat at $1.9bn.
Earnings applicable to common shareholders rose to $1.69bn from $1.52bn a year ago. Earnings per share rose to 93 cents from 81c. Revenue rose 3percent to $9.20bn.