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Morgan Stanley beats profit estimates on dealmaking surge

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Oct 14 (Reuters) – Morgan Stanley (MS.N) posted an even bigger third-quarter profit than anticipated on Thursday, bolstered by features from document ranges of dealmaking.

The Wall Street financial institution benefited from world mergers and acquisitions reaching new highs within the third quarter, with offers totaling $1.52 trillion being introduced within the three months ended Sept. 27. learn extra

The determine, as per Refinitiv information, represents a progress of 38% year-over-year, larger than any quarter on document.

Net revenue relevant to widespread shareholders rose to $3.58 billion, or $1.98 per share, within the three months ended Sept. 30, from $2.6 billion, or $1.66 per share, a yr earlier.

Analysts have been anticipating a profit of $1.68 per share, in line with Refinitiv information.

Net income rose to $14.75 billion within the third quarter, in contrast with $11.72 billion a yr earlier.

Reporting by Sohini Podder in Bengaluru and Matt Scuffham in New York; Editing by Arun Koyyur

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The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

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