US bank Morgan Stanley has reported a substantial rise in quarterly profits.

The bank’s chief executive Jame Gorman said in a statement: ‘This quarter, we saw significant year-over-year revenue growth in each of our five major business units and higher year-over-year profitability. Of particular note, equity sales and trading results were strong across all products and regions.’

Profits for the bank have increased by 66% in comparison to the same period last year, with second quarter profits of £644 million. 48% of these profits went on staff salaries and benefits.

Shares have correspondingly risen to the highest point in two years, to $27.53 a share.

The main US banks have all been reporting large profit increases recently, including Citigroup and JP Morgan, with Goldman Sachs doubling its profits.

Find out more about Morgan Stanley.

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