NEW YORK (AP) — Investment bank Morgan Stanley says it swung to a profit in the fourth quarter. Shares jumped in pre-market trading.
The bank earned $867 million after stripping out an accounting charge. That's up from a loss of $374 million in the same period a year ago.
On a per-share basis, those earnings amounted to 28 cents per share. That beat Wall Street expectations: Analysts polled by FactSet had predicted 27 cents.
Revenue jumped 37 percent, to $7.5 million from $5.5 million. That also beat the expectations of analysts, who had predicted $7.2 billion. The bank underwrote more bond offerings and earned more in fees from wealth management clients.
The stock climbed 67 cents to $21.42 before the market opened.