MAJOR US banks Morgan Stanley and Bank of America announced today earnings data for the fourth quarter of 2024, and in both cases the result exceeded market expectations.
Bank Morgan Stanley said its quarterly profit more than doubled compared to the same quarter last year to $3.71 billion, or $2.22 per share.
Revenue rose 26 percent to $16.22 billion as results improved across all of the bank’s core businesses.
The result exceeded the expectations of the LSEG agency, which forecast earnings of $1.7 per share and revenue of $15.03 billion, reports CNN.
The company’s stock trading business was the one that shone the brightest this quarter, as revenues rose by as much as 51 percent year-over-year to $3.3 billion.
Bank of America more than doubled its Q4 2024 quarterly profit to $6.67 billion, or 82 cents per share.
At the same time, the bank’s income jumped by 15 percent year-on-year to $25.5 billion due to higher fees from investment banking and asset management, as well as better trading results.
In this case too, the result exceeded the expectations of the LSEG agency, which forecast earnings of 77 cents per share and revenue of $25.19 billion.
(Tanjug)
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Source: www.novosti.rs
