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Morgan Stanley beats profit estimates on dealmaking surge

imageStock Markets9 minutes ago (Oct 14, 2021 07:41AM ET)

(C) Reuters. FILE PHOTO: The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

(Reuters) -Morgan Stanley posted a bigger third-quarter profit than expected on Thursday, bolstered by gains from record levels of dealmaking.

The Wall Street bank benefited from global mergers and acquisitions reaching new highs in the third quarter, with deals totaling $1.52 trillion being announced in the three months ended Sept. 27.

The figure, as per Refinitiv data, represents a growth of 38% year-over-year, higher than any quarter on record.

Net income applicable to common shareholders rose to $3.58 billion, or $1.98 per share, in the three months ended Sept. 30, from $2.6 billion, or $1.66 per share, a year earlier.

Analysts were expecting a profit of $1.68 per share, according to Refinitiv data.

Net revenue rose to $14.75 billion in the third quarter, compared with $11.72 billion a year earlier.

Morgan Stanley beats profit estimates on dealmaking surge

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