Morgan Stanley third-quarter profit jumps 26% on trading boost

FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) – Morgan Stanley MS.N posted a 26% jump in third-quarter profit on Thursday, powered by another bumper quarter at its trading business as the COVID-19 pandemic drove up volatility in financial markets.

Net income applicable to common shareholders rose to $2.60 billion in the quarter ended Sept. 30, from $2.06 billion a year ago. Earnings per share rose to $1.66, compared to $1.27 a year ago.

Analysts were looking for a profit of $1.28 per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.

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