(Reuters) – Morgan Stanley posted a roughly 57% increase in fourth-quarter earnings on Wednesday, following the Wall Street bank’s business benefit from coronavirus-induced volatility in financial markets.
Net income applicable to common shareholders rose to $ 3.27 billion, or $ 1.81 per share, in the quarter ending December 31, compared to $ 2.09 billion, or $ 1.30 per share, one year. before.
Analysts had expected a profit of $ 1.27 per share, according to Refinitiv’s IBES data.
Income from the bank’s institutional securities business, its main source of income, rose to $ 7 billion from 5.05 billion dollars last year.
High trading volumes during the quarter, down from the US elections and the release of coronavirus vaccines benefited the bank’s business unit, which is housed within the institutional securities business.
Net revenue rose to $ 13.64 billion in the quarter, from $ 10.86 billion last year.
Reportage by Ambar Warrick in Bengaluru and Matt Scuffham in New York; Editing by Shounak Dasgupta