NEW YORK – Morgan Stanley says its quarterly profit more than doubled, thanks to strong results from its investment banking and money-management units. The news drove up the investment bank's stock in early trading.
Second-quarter net income jumped to $1.88 billion from $900 million a year earlier, the bank said Thursday. That's after excluding an accounting adjustment.
Revenue increased 2.2 percent to $8.52 billion over the year, slightly higher than the $8.22 billion analysts had expected, according to the data provider FactSet.
On a per-share basis, Morgan Stanley's quarterly earnings were 91 cents, easily beating analysts' forecasts of 55 cents.
Morgan Stanley's stock was up 72 cents, or 2.2 percent, to $33.24 in premarket trading. The bank has lagged behind the broader market this year, gaining 2 percent. The Standard & Poor's 500 index, the most widely used stock-market benchmark, has climbed 7 percent.