Bear Stearns’ Quarterly Net Declines 5.7%

Bear Stearns Cos. said fiscal third-quarter net income fell 5.7% to $181.4 million, or $1.32 a share, because of a decline in investment banking that was partly offset by gains in its trading business. Bear Stearns, which has one of the biggest trade-clearing operations on Wall Street, said net revenue rose 6% to $1.3 billion, with stock trading and commissions generating $790 million, or more than half. Commissions earned by executing orders rose 9.8%, while revenue from trading for its own account gained 6.4%. That helped offset an 11% drop in investment banking. Shares of Bear Stearns closed up 81 cents at $69.81 on the New York Stock Exchange.