Wall Street investment bank Morgan Stanley (MS) has posted strong first quarter financial results as the firm’s revenue from stock trading booms.
Morgan Stanley announced earnings per share (EPS) of $3.43 U.S., which beat the $3 U.S. expected on Wall Street.
Revenue of $20.58 billion U.S. surpassed the consensus estimate among analysts of $19.72 billion U.S. Sales were up 16% from a year earlier.
The bank’s profit jumped 29% as revenue from stock trading was $1 billion U.S. more than Wall Street had forecast.
Morgan Stanley said it also gained from strong results in its investment banking and wealth management business units during the quarter.
Like other banks, volatility in the stock market this year has benefitted Morgan Stanley, whose traders have rotated positions and moved capital into different asset classes.
Morgan Stanley also runs the largest wealth management unit among Wall Street firms, a business that has boomed in recent years.
MS stock has risen 66% over the past 12 months to trade at $183.34 U.S. per share.
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