NEW YORK, Oct. 18 (Xinhua) -- Morgan Stanley on Friday reported a better-than-expected profit for the third quarter of this year, as its wealth management business surged.
The investment bank's income from continuing operations reached 888 million U.S. dollars, compared with a loss of 1 billion dollars mainly caused by debt-related credit spreads and other credit factors for the same period a year ago.
Earnings per diluted share for the third quarter were 44 cents, sharply up from a loss of 55 cents.
The wealth management business' pre-tax income from continuing operations stood at 668 million dollars, compared with 247 million a year earlier.
"Our strategy to combine a world class investment bank with the stability of the largest U.S. wealth management franchise and strong investment management is enabling us to deliver exceptional advice and execution for our clients as well as stronger returns for our shareholders," James P. Gorman, chairman and chief executive officer, said in a statement.