Morgan Stanley increases profits 42%

<p>Morgan Stanley is the latest US bank to post increasing profits.</p>

Morgan Stanley has posted a 42 per cent rise in its profits during the second quarter of 2013.

The bank is the latest US financial institution to confirm it enjoyed a successful three-month period, revealing its profits rose by 42 per cent.

Profit in wealth management was a particularly strong area for the bank during the quarter and its latest financial data show it jumped 83 per cent.

Ruth Porat, the bank's chief financial officer, told Reuters that it has achieved its targets for expenses, adding: "But we are continuing to focus on expense reduction. There's more to do."

Revenue rose 22 per cent to $8.50 billion (£5.59 billion) over the course of the three-month period, it was revealed by Morgan Stanley.

On the back of the release of the financial data, the share price of Morgan Stanley was up by more than five per cent at 16:44 BST.

Earlier in the week, Goldman Sachs announced that its profits for the second quarter of the year were up to $1.9 billion (£1.2 billion) from the figure of $927 million that was recorded by the bank during the same period last year.

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