Morgan Stanley (NYSE:MS) delivered strong financial results for the first quarter, including record revenue of $17.7 billion.
This marked a 17% year-over-year jump, driven by a 45% surge in equity trading and robust performance in wealth management. Analysts had expected revenue of $16.55 billion.
Net income of $4.3 billion or $2.60 per share topped estimates of $2.20 per share.
The firm’s Return on Tangible Common Equity (ROTCE) improved to 23% from 19.7% a year ago.
“Institutional Securities strong performance was led by our Markets business with Equity reporting a record $4.1 billion in revenues. Total client assets of $7.7 trillion across Wealth and Investment Management were supported by $94 billion in net new assets,” Morgan Stanley CEO Ted Pick said.
“These results demonstrate the consistent execution of our clear strategy to drive durable growth across our global footprint.”
Shares of Morgan Stanley traded up 1.1% at about $108 following the release of its results.