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Morgan Stanley beats profit estimates on dealmaking surge By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO : Morgan Stanley’s logo is visible on the New York Stock Exchange (NYSE), in Manhattan, New York City. It was taken August 3, 2021. REUTERS/Andrew Kelly

(Reuters] -Morgan Stanley’s third-quarter profits were higher than expected, boosted in part by the record level of dealmaking.

Global mergers and acquisitions reached new heights for Wall Street Bank in the third quarter. Deals totaling $1.52 Trillion were announced during the three-month period ending Sept. 27, with the announcements.

According to Refinitiv data this figure represents an increase of 38% over the previous year, which is higher than any quarter in record.

Common shareholders saw their net income rise to $3.58 Billion, or $1.98, over the past three months, from $2.6 Billion, or $1.66 a share, one year ago.

According to data from Refinitiv Data, analysts were anticipating a $1.68 profit per share.

The third quarter’s net revenue was $11.72 billion higher than the year before.

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