Morgan Stanley Posts Biggest Fourth-Quarter Profit Since Crisis
January 17 2017 - 7:30AM
Dow Jones News
By Liz Hoffman
Morgan Stanley said its quarterly earnings climbed and beat
analyst expectations as the bank logged its strongest
fourth-quarter profit since the financial crisis.
The New York-based firm reported a profit of $1.67 billion, or
81 cents a share, in a quarter that included a surge of
post-election trading activity.
That compares with the $908 million, or 39 cents a share, it
reported in the same period a year earlier.
Revenue grew to $9.02 billion from $7.74 billion a year earlier.
Analysts polled by Thomson Reuters had expected 65 cents a share on
revenue of $8.47 billion in the fourth quarter.
Morgan Stanley faced high expectations following fairly strong
earnings from rivals J.P. Morgan Chase & Co. and Bank of
America Corp. last week. A flurry of post-election stock trading
boded well for Morgan Stanley, Wall Street's leading
equities-trading house.
The bank's shares have gained 28% since the election, which sent
financial stocks soaring on investor hopes of higher interest rates
and lighter regulation.
Write to Liz Hoffman at liz.hoffman@wsj.com
(END) Dow Jones Newswires
January 17, 2017 07:15 ET (12:15 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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