Morgan Stanley tops estimates on strong equities and fixed income trading revenue

Here’s what the company reported:

• Earnings: $2.22 a share vs. $1.70 LSEG estimate
• Revenue: $16.22 billion, vs. $15.03 billion estimate

The bank said quarterly profit more than doubled to $3.71 billion, or $2.22 a share, from a year earlier, when it had a pair of regulatory charges.

Revenue rose 26% to $16.22 billion as results in all of the bank’s major businesses improved.

It was the firm’s equities trading business that shone brightest in the quarter, producing a 51% jump in revenue to $3.3 billion, or nearly $650 million more than the StreetAccount estimate. Morgan Stanley cited increased client activity and strength in its prime brokerage business that caters to hedge funds.

Source: CNBC