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10/17/2019, 1:31 PM (Source: TeleTrader)
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Morgan Stanley's Q3 revenue up 2% to $10B

Morgan Stanley announced on Thursday its revenue in the third quarter of 2019 rose 2% to $10 billion on an annual basis, beating analyst expectations. Net income amounted to $2.2 billion, 3% higher than in Q3 last year, as earnings per diluted share stood rose 9% to $1.27 for the same period.

Institutional securities revenue increased 2% to $5 billion year-on-year, while wealth management's fell 1% to $4.4 billion. Investment management earned 17% more than in the three month period ended September 30, 2018.

"We delivered strong quarterly earnings despite the typical summer slowdown and volatile markets. Firmwide revenues were over $10 billion for the third consecutive quarter, and we produced an ROE within our target range. Our consistent performance shows the stability of our business model. We remain committed to controlling our expenses and are well-positioned to pursue our growth initiatives," chief executive James Gorman said in the press release.

The banking giant's shares were up 3.69% premarket after the release of the report.

Breaking the News / MD