Despite of weakness in the banking sector, the US bank Morgan Stanley has seen a sharp rise in its profits in the three months till June.

The company has earned a net profit of 1.4 billion dollars but in the same time period in the last year the bank faced a loss of 138 million dollars. This rise in the profits is well above the pre-estimated figures by the analysts. The share price of the bank climbed up by 2.7%. Except the bank, the entire sector is facing a very tough time. The Goldman Sachs has also reported a sharp fall in its profits and has pointed out the US fine, bonus tax of UK and poor trading as the cause of the fall.

On the other hand the Morgan Stanley has announced a bonus pool as the employee compensation bonus for this quarter. Even another Wall Street firm, Wells Fargo has also seen a fall in its profit down to 3.1 billion dollars from 3.2 billion dollars in the same period of time of last year.