TOKYO: Morgan Stanley kept its position as the most profitable investment bank in Japan last year, as demand for overseas bonds from yield-hungry investors helped offset weakness in the trading business.
Net income at Morgan Stanley MUFG Securities Co. rose 8% to 21.3 billion yen ($201 million) in the year ended March, the highest among 10 large global banks that filed annual financial reports in Japan.
A jump in trading losses at Goldman Sachs Japan Co. helped push the U.S. bank into third place behind BNP Paribas Securities (Japan) Ltd., which benefited from a drop in selling and administrative costs.
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