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.
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.