Morgan Stanley: consensus exceeded thanks to M&A and IPO activity
This morning, the US investment bank reported a 44% increase in net income, group share, to $2.9 billion, or $1.82 per share, compared with $2 billion ($1.24 per share) a year earlier.
By way of comparison, analysts were expecting EPS of $1.65.
Net banking income rose by 12% to over $15 billion, boosted mainly by a 51% jump in income from its investment banking division.
The New York-based firm, which says it benefited from an "improved capital markets environment", says it participated in more M&A transactions, private placements, IPOs and convertible bond offerings.
Income from equity trading was up 18% year-on-year, driven mainly by activity in Asia, while income from fixed-income assets (fixed-income and foreign exchange) was up 16% due to buoyant currency markets.
The Group also announced plans to raise its quarterly dividend by 7.5 cents to $0.925.
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