Morgan Stanley profit rises on capital market, deal-making boom

Morgan Stanley reported a more than 11 per cent jump in quarterly profit on Thursday, as its investment banking business benefited from record levels of activity in deal making and capital markets.

The Wall Street bank said its net income applicable to common shareholders rose to $3.4 billion, or $1.85 per share, in the second quarter ended June 30 from $3.05 billion, or $1.96 per share, a year earlier.

Analysts on average were expecting the bank to report a profit of $1.65 per share, according to IBES data from Refinitiv.