Morgan Stanley reported second-quarter earnings on Monday that beat on the top and bottom lines.
The bank reported earnings per share of $US0.85 on revenue of $US9.7 billion.
Excluding one-time items, earnings per share were $US0.79.
Analysts were expecting adjusted earnings per share of $US0.74 on revenue of $US9.14 billion, according to Bloomberg.
In the same quarter last year, the bank reported earnings per share of $US0.60 on revenue of $US8.61 billion.
“We delivered a strong quarter across each of our businesses, through client-focused execution, expense discipline, and prudent risk management,” CEO James Gorman said in a press release.
In the wealth-management division, revenue came in at $US3.9 billion, up from $US3.7 billion a year ago. The bank has pivoted business toward that division since the financial crisis.
Equity sales and trading revenues were $US2.3 billion, up from $US1.8 billion a year ago.
In the Fixed Income & Commodities trading division, revenue was $US1.3 billion, up from $US1 billion in the same quarter last year.
Total investment banking revenues were $US1.44 billion, barely changed from $US1.43 billion in the same quarter last year.
Last quarter, Morgan Stanley beat on the top and bottom lines, and Gorman said it was “our strongest quarter in many years with improved performance across most areas of the firm.”
The bank also increased dividends last quarter, to $US0.15 per share from $US0.10 per share.
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