Bear Stearns(BSC Quote) reported Wall Street's second stellar quarter in as many days, saying profits in the three months to Aug. 31 rose 34% from a year ago thanks to strong stock trading and underwriting revenue.
The New York investment bank earned $378.3 million, or $2.69 a share, in the third quarter, compared with $283.3 million, or $2.09 a share, a year ago. Analysts were expecting earnings of $2.38 a share, according to the mean estimate compiled by Thomson First Call.
Net revenue rose 18% from a year ago to $1.81 billion, about $50 million ahead of the analyst consensus. By segment, capital market revenue rose 15% from a year ago to $1.4 billion; net revenue in clearing services rose 15% to $258 million; and net revenue in wealth management rose 21% to $169.6 million. ...
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