19 July 2017•Update: 19 July 2017
By Ovunc Kutlu
NEW YORK
U.S. investment bank Morgan Stanley announced Wednesday that its income and revenue rose in the second quarter of 2017.
Net income climbed to $1.76 billion in the second quarter, from $1.58 billion the same period a year ago, a 11.4 percent rise.
Revenue grew to $9.5 billion, from $8.91 billion, during the same period -- a 6.6 percent increase.
“Our second quarter results demonstrated the resilience of our franchise in a subdued trading environment," James P. Gorman, chairman and CEO, said in a statement.
After the bank's net income and revenue beat market expectations, its stock market shares rose Wednesday morning.
Morgan Stanley stocks opened at $46.95 per share on Wall Street, after closing at $45.15 a share on Tuesday, posting a 4 percent increase.
Other U.S. banks, such as JPMorgan Chase, Wells Fargo, Goldman Sachs and Bank of America, all saw their stock prices fall during the day after their second quarter net income and revenue announcements failed to beat market expectations.
