Morgan Stanley topped earnings estimates with a 20% year-over-year jump in net income to about $2 billion, or $1.17 per share, and a 7% rise in revenue to nearly $9.9 billion for the third quarter.
“In the first half of the year, we produced strong results across the franchise,” according to Chairman and CEO James Gorman. “Despite the seasonal summer slowdown in the third quarter, we reported solid revenue and earnings growth demonstrating the stability of the franchise.”
Wealth Profits Rise
Revenue in wealth management was $4.4 billion, up nearly 5% from last year. Profits, though, soared 30% to $913 million.
“In the quarter, we saw net fee-based inflows, higher fee-based assets and a continued increase in lending balances,” Chief Financial Officer Jonathan Pruzan said on a call with equity analysts.