Morgan Stanley surpasses forecast for quarterly profit by a wide margin on Thursday, powered by strength in its funding management, bond trading, and underwriting businesses.
Revenue from sales and trading surged 28% to $3.19 billion. Bond trading gross sales over doubled to $1.27 billion from a year prior when monetary markets have been roiled by trade and world development concerns.
Revenue from funding banking, which includes advising on offers and helping firms raise cash, surged 11.2%, buoyed by increased bond and equity underwriting.
Under Gorman, Morgan Stanley has been hitting vital financial targets consistently for a while, which suggests he might declare new goals quickly, according to analysts.
Shares of Morgan Stanley soared about 2% in trading before the bell.
Investment administration revenue almost doubled to $1.36 billion, with overall internet revenue increasing by 27%, i.e., $10.86 billion.
The lender said earnings attributable to common shareholders soared to $2.09 billion, or $1.30 a share, in the quarter ended December 31, from $1.36 billion, or 80 cents a share in 2019.
Analysts had estimated a profit of 99 cents per share, according to IBES Refinitiv data.