Investment bank Morgan Stanley’s third-quarter earnings almost doubled as the firm’s stock sales and trading revenue rose.
The bank earned $1.01 billion from July to September after stripping out an accounting charge. That compares with $560 million a year earlier. That profit works out to 50 cents per share before the charge, compared with 28 cents per share in the same period a year earlier. Financial analysts polled by FactSet expected earnings of 40 cents. Analysts generally strip out one-time items.
Total revenue amounted to $8.1 billion, up 6.5 percent from $7.6 billion a year earlier. Stock sales and trading were bright spots, and revenue in that part of its business increased to $1.7 billion from $1.3 billion.