(Reuters) – Morgan Stanley on Wednesday reported better-than-expected fourth-quarter profit on the back of a boom in mergers and acquisitions and strong fees at its advisory business.
Its profit reached $3.59 billion (3.17 billion euros), or $2.01 per share, in the quarter ended December 31, against $3.27 billion, (1.81 dollars per share), a year earlier.
Investment banking revenue rose 6% to $2.43 billion, partially offset by weak trading activity and higher spending.
Even so, earnings came in ahead of analysts’ expectations, which averaged $1.91 a share, according to IBES data from Refinitiv.
In New York, Morgan Stanley shares gained 3% in pre-market transactions.
(Report Sohini Podder and Manya Saini in Bangalore; French version Dagmarah Mackos, edited by Blandine Hénault)
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