Merrill Lynch's reported net earnings of about $1bn (€861m) for the third quarter nearly doubled the same period last year, just beat the prior quarter and helped the bank top 2002's full-year total in the first nine months of this year.

The US bank's net earnings for the quarter of $1.039bn virtually 50% up on $693bn a year ago and just topped $1.021bn in the previous quarter. Net revenues rose from $4.4bn for the third quarter a year ago to $5.1bn, but softened from the $5.3bn recorded in the second quarter. Net earnings for the first nine months of the year were $2.7bn, or 39% higher than the same period last year.