(Reuters) – Morgan Stanley reported an increase in first-quarter profit on Tuesday, driven by the recovery of its investment banking business.
The group’s net profit as of March 31 stood at $3.4 billion, or $2.02 per diluted share, compared to $3 billion a year ago.
Morgan Stanley shares, which have lost 7% since the start of the year, are up 2.6% in pre-market trading on the New York Stock Exchange.
Morgan Stanley’s investment banking business has rebounded after two difficult years, as the number of debt securities issued by large companies approached records, while activity resumed in capital markets.
Its competitor Goldman Sachs reported on Monday a 28% increase in its first quarter profit, driven by the resumption of debt underwriting and trading activities, while JP Morgan and Citigroup also announced an improvement last week. of the results of their investment banking activity.
This was Morgan Stanley’s first quarter since Ted Pick took over as CEO.
Morgan Stanley’s total revenue in the first quarter was $15.14 billion, up from $14.5 billion a year ago.
(Written by Manya Saini in Bangalore and Tatiana Bautzer in New York, Augustin Turpin)
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