Morgan Stanley posted first quarter earnings that surpassed analysts’ expectations.
The bank’s earnings came in $2.02 per share in the quarter, well above the $1.68 expected by analysts polled by Refinitiv.
Revenue of $14.8 billion also surpassed the $14.2 billion expected.
Revenue at Morgan Stanley’s equity trading desk was $3.2 billion for the quarter, higher than an expectation of $2.7 billion, according to StreetAccount. Fixed-income revenue of $2.9 billion exceeded expectations of $2.2 billion from StreetAccount.
The company’s wealth management revenue came in at $5.9 billion, flattish year-over-year, and lower than the $6.2 billion expected by analysts polled by StreetAccount.
Investment banking revenue was $1.6 billion, - 37% lower from the year-ago quarter, and also from lower than the $1.8 billion estimate according to StreetAccount. A significant decrease in equity underwriting revenues led to the disappointing figure, the bank indicated.