The worst health and economic crisis in more than century proved no match for Morgan Stanley (MS) - Get Morgan Stanley (MS) Report, which on Wednesday posted record full-year earnings and revenue thanks to a surge in trading, investment banking and wealth management revenue.
Morgan Stanley said earnings for the three months ended in December were $3.4 billion, or $1.81 a share, up from $2.2 billion, or $1.30 a share in the same period a year ago and well ahead of the $1.30 a share expected by analysts polled by FactSet.
Net revenue was $13.6 billion for the fourth quarter ended Dec. 31, compared with $10.9 billion a year ago. Net interest income rose to $1.2 billion from $1.03 billion, below analysts' forecasts of $1.33 billion.
Full-year net revenue was a record $48.2 billion compared with $41.4 billion a year ago, Morgan Stanley said. Net income applicable to Morgan Stanley for the current year was $11 billion, or $6.46 a share, vs. $9 billion, or $5.19 a share, a year ago.
The firm’s full-year results reflect both record net revenue of $48 billion, up 16% year over year, and net income of $11 billion, up 22%, Morgan Stanley said.