Morgan Stanley’s profit more than doubles

Morgan Stanley Inc., the nation’s second largest securities firm, reported Wednesday that its second-quarter profit more than doubled from a year earlier on record revenue driven by stronger underwriting, merger and acquisition, and trading results.

Net income rose to $1.96 billion, or $1.86 per share, from $928 million, or 86 cents per share, a year earlier.

Revenue after interest expense and provision for consumer loan losses increased 48 percent to $8.94 billion from $6.03 billion.

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The results easily beat the earnings of $1.45 per share on $7.87 billion of revenue expected by analysts surveyed by Thomson Financial.

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“I could not be more pleased with the outstanding results the employees of Morgan Stanley delivered in the second quarter,” said Chief Executive John Mack in a statement. “There is still a great deal of work to be done, but we are moving aggressively on many fronts and we see significant opportunities to create shareholder value.”

The New York-based firm follows three of its rivals — Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., and Bear Stearns Cos. — in posting sharply higher results. All companies came off record first-quarter results, driven by a run in stock market trading and a resurgence of M&A.