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 NEW YORK (AP) - Morgan Stanley Inc., the second-biggest investment bank on Wall Street, said Wednesday its fiscal first-quarter profit soared 69 percent on robust trading and strong advisory fees from stock and bond underwriting.
Its shares rose nearly 3 percent in morning trading.
Profit after paying preferred dividends rose to $2.66 billion, or $2.51 per share, in the three months ended Feb. 28 from $1.57 billion, or $1.48 per share, in the year-ago period. Excluding a gain on the sale of Quilter Holdings, the company posted profit from continuing operations of $2.56 billion, or $2.40 per share, in the latest period.
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