Merrill Lynch & Co. on Tuesday said second-quarter profit rose 5.6 percent, beating analysts’ estimates, as investment banking revenue increased despite tough market conditions.
The company reported net income of $1.13 billion ($1.14 per share), compared with $1.07 billion ($1.05) in the year-earlier period. Revenues at the investment banking unit, which include securities trading, jumped 30 percent to $3.4 billion, the highest level in any quarter in over five years. Total revenue jumped 20 percent to $6.3 billion.
