(CercleFinance.com) – Morgan Stanley on Thursday reported a quarterly profit slightly better than expected, mainly driven by growth in its activities in wealth management and investment management.
The net profit share of the American firm reached 3.7 million dollars in the fourth quarter, or 2.01 dollars per share, against 3.4 billion dollars a year earlier.
This performance thus exceeds the consensus, which was just two dollars, by a small cent.
New York-based bank says quarterly revenue rose to $14.5 billion from $13.6 billion a year earlier, including 10% growth in wealth management to $6.3 billion , a profit margin of 22.6%.
Income from the asset management branch jumped 59% to $1.8 billion, driven by the acquisition of Eaton Vance, which has now been finalized.
Quoted in the press release, James P. Gorman, the CEO, evokes an “exceptional” year 2021 marked in particular by the achievement of record annual revenues of 60 billion dollars.
The action gained 1.4% before the opening of Wall Street.
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