Morgan Stanley reports $1.7bn Q2 net profitJuly 20, 2015 - 17:20 AMT PanARMENIAN.Net - U.S. investment bank Morgan Stanley has reported a better-than-expected second-quarter profit thanks to a strong performance by its wealth management division, according to BBC News. The bank reported net profit of $1.7bn in the three months to June, down from $1.8bn a year earlier. Morgan Stanley was helped by a 4.7% rise in net revenue to $3.88bn in its wealth management division. Earnings were also helped by a one-off tax benefit of $609m. Overall revenues at the bank rose to $9.7bn in the period, against $8.6bn a year ago. Morgan Stanley said wage costs rose to $4.4bn in the quarter from $4.2bn a year earlier, as a result of the higher revenues in wealth management. Profits jumped at the bank's institutional investment division, which includes its investment bank, and its stock, bond and commodities trading desks. Equity sales and trading revenues rose to $2.3bn in the quarter, compared with $1.8bn a year ago. Fixed income and commodities trading also did well with net revenues higher at $1.3bn, compared with $1bn year earlier. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenian delegation participating in NATO PA session The delegation is headed by Andranik Kocharyan, the chairman of the standing committee on defense and security matters. Schengen visa cost won’t change for Armenia – diplomat The increase in the cost of a Schengen visa will not apply to citizens of Armenia, a Foreign Ministry spokesperson has said. Azerbaijan's defense spending set to increase by 11% Azerbaijan's spending on defense and national security will increase by 11%, according to a fresh bill. Armenian PM’s helicopter makes emergency landing in Vanadzor The helicopter transporting Armenian Prime Minister Nikol Pashinyan made an emergency landing in Vanadzor. |