Morgan Stanley said fourth-quarter earnings were up 51% from a year earlier, another big U.S. bank that came out of a turbulent year in better shape than expected at the start of the coronavirus pandemic.
The New York-based firm reported a profit of $ 3.39 million, or $ 1.81 per share, with revenue of $ 13.64 million. This exceeded the consensus estimates of analysts surveyed by FactSet, who predicted earnings per share of $ 1.30 in revenue of $ 11.58 million.
Morgan Stanley completed fourth-quarter profit reports from the nation’s largest banks, which continued to benefit from a recovery on Wall Street and federal pandemic response measures that avoided the worst economic scenario. On Tuesday, rival Goldman Sachs Group Inc. reported a fourth-quarter profit that was more than double the previous year’s results and annual revenue that reached a maximum of 11 years.
With a focus on wealthy Americans, large corporations, and money managers, Morgan Stanley is less exposed to mass unemployment and small business closures than more Main Street banks.
Morgan Stanley’s securities and bond trading revenue rose 32% to $ 4.222 billion. Fees for advising on bidding and subscribing for shares and bonds rose 46% to $ 2,302 million.