Wall Street investment bank Morgan Stanley (NYSE: MS) reported growth in both net revenues and earnings per share in the second quarter, soundly beating market expectations.
As a result, in pre-market trade, Morgan Stanley shares rose 2.2% to US$46.15.
READ: Bond trading surge helps Morgan Stanley report strong quarterly earnings growth
The firm - the sixth-largest US bank by assets - said its second quarter net revenues came in at US$9.5bn, while earnings per share were 87 US cents, up frrom US$8.9bn and 75 US cents per share respectively a year earlier.
The market consensus was for revenue of US$9.1bn, and earnings per share of 76 US cents.
The lender said revenues from institutional securities, wealth management, and investment management were all higher than a year ago, despite what CEO James Gorman called a "subdued trading environment."
Investment banking revenues were US$1.4bn compared to US$1.1bn a year ago, but sales and trading were US$3.2bn down from US$3.3bn in 2016.