Morgan posts stellar second quarter
Morgan Stanley scored record levels of income and net revenues during the second quarter.
Morgan Stanley scored record levels of income and net revenues during the second quarter.
The New York-based firm’s income hit $2.58 billion, a 40% gain from the prior year, while net revenue also skyrocketed to $11.5 billion, up 32% from the same period in 2006.
Diluted earnings per share from continuing operations also jumped to a record $2.45, compared to $1.74 last year.
Morgan Stanley’s investment banking business also achieved record results, with revenues spiking 65% and reaching $1.7 billion.
Customer inflows into the company’s asset management arm also reached record levels of $9.3 billion, more than double from the prior quarter.
Meanwhile, assets under management in that department hit $560 billion by the end of the quarter, up 23% from 2006.
Advisory and underwriting revenue gains boosted the institutional securities department, raising net revenue 39% to a record $7.4 billion.
“Morgan Stanley delivered record revenues and earnings in the second quarter and the first half of the year, as we continued to build momentum across our securities businesses,” said chairman and CEO John J. Mack in a statement.
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