Financial Report Financial reports from the largest companies of the world

Morgan Stanley gone on profit for the second quarter

The U.S. bank Morgan Stanley announced that it has issued a profit in the second quarter of 2010. The main role is played revenue growth in the company's three main business segments in which it operates - asset management and investment activities. Profit for the period the bank was 1.96 billion dollars or 1.09 dollars per share. Year earlier, financial institution reported a loss of 1.26 billion dollars or 1.10 dollars per share. Preliminary analyst expectations were for earnings of 57 cents per share. The revenues of the bank amounted to 7.95 billion dollars, an increase of 53% over the same period last year. However, below estimates were for earnings of 8.11 billion dollars. Trading in shares of the bank has achieved revenues of 1.42 billion dollars, which is twice more than last year. This result than achieved by Goldman Sachs 1,21 billion dollars and 1.04 billion dollars from JPMorgan. Investment banking has brought 885 million dollars in Morgan Stanley, and from asset management have also received 207 million dollars, the report shows.
The results have led to increased Morgan Stanley's shares by 4.5 per cent before the start of today's trading session in New York.