The American Business Bank Morgan Stanley published its quarterly results on Tuesday with profits in strong decline of 14% over the same period last year, to US$ 2,000 million, due to a context “difficult” for some advisory activities.
“The quarter started with macroeconomic uncertainties and weak client activity, but ended better” at the end of the period, James Gorman, president of Morgan Stanley, said in a statement.
The bank states that it has a “solid capital position”.
The bank’s billing grew 2% over the second quarter of 2022, to US$13.46 billion, with a record in the large fortune management division where the net amount of new deposits reached US$90 billion.
But, as in the first quarter, Morgan Stanley suffered from a lack of activity in the M&A sector.
For its part, Bank of America, the second largest bank by volume of assets in the country and with a strong presence in the retail sector, once again benefited from the interest rate increases decided by the Federal Reserve (Fed, central bank).
Its business volume in the second quarter grew 11% to $25.2 billion.
Its net profit reached US$7.4 billion, 19% more than in the same period last year. Per share, the amount is US$0.88.
All data exceeds market expectations.
“We had one of the most important quarterly and half-yearly results in the entire history of the company”highlighted Brian Moynihan, president of the entity, in a statement.
“The continuation of the organic growth of the clientele and of the activity of clients in all the branches of activity, accompanied the beneficial effects of interest rates higher”said the manager.
Source: AFP
Source: Gestion
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