Morgan Stanley profit jumps 60% on higher trading revenue

[NEW YORK] Wall Street investment bank Morgan Stanley reported a 60 per cent rise in quarterly profit, boosted by higher revenue from trading bonds and equities.

Net income applicable to common shareholders rose to US$2.31 billion, or US$1.18 per share, for the first quarter ended March 31, from US$1.45 billion, or 74 cents per share, a year earlier.

Excluding items, the bank earned US$1.14 per share.

Analysts on average had expected earnings of 78 cents per share on that basis, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported on Monday were comparable.

REUTERS