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Morgan Stanley Tops Profit Estimates

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Morgan Stanley Tops Profit Estimates

Morgan Stanley Tops Profit Estimates

(Reuters) - Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, driven by gains in its fixed income and equities trading businesses, sending its shares up 3.3 percent.

Net revenue from the bank’s sales and trading business rose 18 percent to $3.76 billion, with fixed income and equity trading businesses recording gains of 12 percent and 15 percent.

Morgan Stanley’s net revenue rose 11.6 percent to $10.61 billion, with institutional securities accounting for 53.8 percent of the gains.

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