Morgan Stanley's first-quarter earnings climb 60 percent as trading revenue rises

MarketsAssociated Press

Morgan Stanley says its quarterly profit surged 60 percent as revenue from trading stocks and bonds lifted the investment bank's results.

First-quarter net income rose to $2.3 billion from $1.4 billion a year earlier, the New York bank said early Monday.

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Revenue for the quarter rose to $9.9 billion from $9 billion the year before. That's much better than the $9.2 billion analysts had expected, according to the data provider FactSet.

On a per-share basis, Morgan Stanley's quarterly earnings were $1.18, beating analysts' average forecast of 78 cents.

Morgan Stanley's stock jumped 79 cents, or 1.2 percent, to $37.22 in off-hours trading. The bank's stock has surged 19 percent over the past year, outperforming the broader market. The Standard & Poor's 500 index gained 12 percent over the same stretch.