(Reuters) -Morgan Stanley posted a bigger third-quarter profit than expected on Thursday, bolstered by gains from record levels of dealmaking.
The Wall Street bank benefited from global mergers and acquisitions reaching new highs in the third quarter, with deals totaling $1.52 trillion being announced in the three months ended Sept. 27.
The figure, as per Refinitiv data, represents a growth of 38% year-over-year, higher than any quarter on record.
Net income applicable to common shareholders rose to $3.58 billion, or $1.98 per share, in the three months ended Sept. 30, from $2.6 billion, or $1.66 per share, a year earlier.
Analysts were expecting a profit of $1.68 per share, according to Refinitiv data.
Net revenue rose to $14.75 billion in the third quarter, compared with $11.72 billion a year earlier.
Reporting by Sohini Podder in Bengaluru and Matt Scuffham in New York; Editing by Arun Koyyur