US financial giant Merrill Lynch has report a better than expected 31% surge in its latest quarterly profit despite facing volatile trading conditions.
The giant Wall Street investment bank and brokerage said its second-quarter net profit leapt to $2.1 billion. Revenues grew by 19% to $9.7 billion.
'We delivered another strong quarter in a volatile and, at times, hostile market environment,' said Stan O'Neal, Merrill's chairman and CEO. Earnings per share of $2.24 were well ahead of analysts' expectations.
O'Neal said Merrill's diversified business helped it ward off the turbulent market conditions. Earnings from investment banking jumped to a record $1.4 billion.
