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Morgan Stanley Profit Rises, Powered by Deal Making, Trading

Morgan Stanley’s


MS 1.73%

third-quarter revenue rose 36% from a yr earlier, because of all-time excessive revenues from advising on mergers and acquisitions.

The New York financial institution reported revenue of $3.71 billion, or $1.98 a share. That exceeded the $1.69 anticipated by analysts polled by FactSet. Income was up 26% to $14.75 billion. That beat the anticipated $13.93 billion.

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Morgan Stanley benefited from another quarter of merger mania. Corporations assured of their financial prospects used the summer season to amass rivals or check their luck on the general public market.

Funding banking charges jumped 67% to $2.85 billion, a brand new quarterly document. Income from advising on offers greater than tripled to a document $1.27 billion. Charges from arranging preliminary public choices and inventory choices rose 16% to $1.01 billion.

Elevated merger exercise from all ends of the financial institution’s international footprint drove the deal making growth, Morgan Stanley Chief Monetary Officer

Sharon Yeshaya

mentioned in an interview. Deal demand got here from a various set of corporations, Ms. Yeshaya mentioned.

“We’re seeing a broadening out each from a geographical perspective and from a sector perspective, so all wholesome indicators when it comes to what’s going on in that market,” Ms. Yeshaya mentioned.

Morgan Stanley mentioned the variety of offers within the pipeline stays sturdy, and that it expects exercise throughout its funding banking enterprise to proceed.

Buying and selling income rose 6% to $4.52 billion. JPMorgan Chase & Co. mentioned Wednesday that its third-quarter trading revenue fell 5%.

Income at Morgan Stanley’s wealth-management division, which incorporates E*Commerce, elevated 28% to $5.94 billion. Within the investment-management division, income elevated 38%.

Morgan Stanley shares closed Wednesday at $98.57. They rose barely in Thursday morning buying and selling. The financial institution’s shares are up 44% this yr, hitting an all-time excessive of $105.45 in August.

The variety of retail-trading purchasers at Morgan Stanley was 7.4 million, according to the earlier quarter. The typical each day variety of retail trades the corporate dealt with for the quarter neared 1 million, however was down 8% from the second quarter.

Working bills elevated 21% to $9.9 billion.

Morgan Stanley boosted lending by 19% to $325 billion excellent.

Financial institution earnings

Learn extra articles about corporations intently tied to the financial system, chosen by WSJ editors.

Write to Orla McCaffrey at orla.mccaffrey@wsj.com

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