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Morgan Stanley reports $2.2bn third quarter profit

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Morgan Stanley has reported a $2.2bn (£1.4bn) profit for the third quarter of the year.

The investment bank, the second-largest in the US, made the profit on revenues of $9.9bn.

But the profit was boosted by a $3.4bn gain on a revision to some of its assets, which involved estimating the value of some of the bank's holdings.

The results were also boosted by cost cuts and the bank's wealth management business.

Revenues at Morgan Stanley's wealth management group rose 5% from a year ago to $3.26bn.

The bank's chief executive, James Gorman, said: "Morgan Stanley effectively navigated turbulent markets while consolidating our market share gains with institutional clients and demonstrating resilience across the global wealth management business."

Amid concern about the amount big US banks could lose from the eurozone sovereign debt crisis, Morgan Stanley announced that it had a total exposure to Greece, the Irish Republic, Italy, Spain and Portugal of $5.7bn.

Following the release of the results, shares in Morgan Stanley rose more than 3% in early trading in New York, although they later fell back to end the session barely changed.

Morgan Stanley is the latest US bank to release its results this week.

On Tuesday, Goldman Sachs reported a $393m quarterly loss and Bank of America reported a $6.2bn profit.

On Monday, Citigroup reported a better-than-expected profit of $3.8bn, which was 74% up on the same period last year.

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