Morgan Stanley beats quarterly growth forecasts, shares rise 6%

US lender Morgan Stanley has reported a jump in third quarter profits of 83% to $1.71bn.

Excluding accounting adjustments and the impact of a tax benefit Morgan Stanley reported earnings per share (EPS) of 65 cents. That came in ahead of analysts’ projection for an EPS of 54 cents.

Sales grew by 12% to $8.91bn, coming in well ahead of the $8.17bn which had been expected.

Shares in Morgan Stanley were rising by 3.9% to $33.8.