NEW YORK – Morgan Stanley says its second-quarter profit fell 9 percent despite better earnings at all three of its core businesses.
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The investment bank and asset management firm said Monday that it earned $1.67 billion. That compares to a profit of $1.82 billion a year earlier. On a per-share basis, the bank earned 85 cents, compared with 92 cents a year earlier, when a one-time tax benefit boosted results.
Financial analysts surveyed by FactSet expected Morgan Stanley to earn 74 cents per share, which typically exclude one-time items.
Net revenue at the bank totaled $9.74 billion, compared with $8.61 billion in the same period a year earlier.
Shares of Morgan Stanley rose 4 percent in pre-market trading.