The profit of Morgan Stanley easily passed the expectations
The profits of one of the biggest investment banks on Wall Street - Morgan Stanley easily topped market expectations, mainly because of good results from securities trading. New York-based bank announced a profit of 1.8 billion dollars for the first quarter, or 1.03 dollars per share. After eliminating one-off income and expenses of its positive financial result amounted to 1.4 billion dollars, or 99 cents a share, but this proved much more than market forecasts for net profit of U.S. $ 938 million, or 57 cents a share. For the same period last year Morgan Stanley issued a loss of 578 million dollars, or 57 cents a share. Most of the improvement of financial performance division contributes to trading in securities whose revenue doubled in the last 12 months and reaching 2.7 billion dollars for the quarter. Funds for real estate investment, Morgan Stanley suffered significant losses this year, mainly because of problems in real estate and subprime mortgage loans. The bank offered best tracker mortgage rate, which increased the demands for credits and clients of the financial institution.
Citigroup with high profits
The third-largest bank in the US - Citigroup reported fourth win in the last five quarters, the result exceeded forecasts of analysts. For the period January-March financial institution has made a positive financial result amounted to 4.43 billion dollars after the last three months of 2009 net loss of 7.58 billion dollars. Compared with the first quarter of last year profit of the bank is almost three times greater. This was due to the lowering of the Best Mortgage Deals and positive deals made with corporations last months. Analysts expected the bank to take into account profit margin profit or even to catch up with costs. Recalled that two other large U.S. banks JPMorgan Chase and Bank of America saw profits were by 55% and 25% higher than the previous year. Citigroup, which received a 45 billion dollar loan from the U.S. government after the outbreak of financial crisis pay them 20 billion in December 2009 The remaining 25 billion were converted 7.7 billion shares of the company, which currently have a value of 35 billion dollars.
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