Morgan Stanley revenue blows previous estimates on dealmaking growth By Reuters

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© Reuters. FILE PHOTO: FILE PHOTO: Morgan Stanley London headquarters at Canary Wharf monetary centre

(Reuters) – Morgan Stanley (NYSE:) reported an enormous soar in quarterly revenue on Friday that comfortably beat expectations, as a world dealmaking growth boosted funding banking and heightened buying and selling exercise lifted its institutional securities division.

Morgan Stanley, which is one in every of Wall Road’s premier funding banks, mentioned web revenue relevant to shareholders rose to $3.98 billion, or $2.19 per share, within the quarter ended March 31, from $1.59 billion, or $1.01 per share, a 12 months in the past.

Analysts had been in search of a revenue of $1.70 per share, in keeping with IBES information from Refinitiv.

Internet income jumped 61% to $15.72 billion.

Like greater rival Goldman Sachs Group Inc (NYSE:), Morgan Stanley benefited from file ranges of capital markets exercise through the quarter, pushed primarily by an unprecedented growth in dealmaking by way of particular objective acquisition corporations (SPACs).

Morgan Stanley additionally generated good-looking underwriting charges from quite a few high-profile IPOs of corporations equivalent to Affirm Holdings and AppLovin Corp.

World funding banking charges hit an all-time file of $39.4 billion through the March quarter, in keeping with information from Refinitiv.

Morgan Stanley conceded the second place within the league tables to JPMorgan Chase & Co (NYSE:) through the quarter, in keeping with Refinitiv, however nonetheless raked in sturdy funding banking charges — the league tables rank monetary providers companies on the quantity of M&A charges they generate.

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