Morgan Stanley on Wednesday topped analysts’ estimates for third-quarter revenue as every of its three important divisions generated extra income than anticipated.

This is what the corporate reported:

• Earnings:$1.88 a share vs $1.58 LSEG estimate
• Income: $15.38 billion vs. $14.41 billion estimate

The financial institution said revenue rose 32% to $3.2 billion, or $1.88 per share, and income jumped 16% to $15.38 billion.

Morgan Stanley had a number of tail winds in its favor, beginning with buoyant markets that helped its large wealth administration enterprise, a rebound in funding banking after a dismal 2023, and robust buying and selling exercise. The Federal Reserve started taking down charges within the quarter, which ought to encourage extra of the financing and merger exercise that Wall Road companies capitalize on.

“The agency reported a robust third quarter in a constructive setting throughout our world footprint,” Morgan Stanley CEO Ted Pick stated within the launch.

Shares of the financial institution superior 3.6% in premarket buying and selling.

The financial institution’s wealth administration division noticed income soar 14% from a 12 months earlier to $7.27 billion, exceeding the StreetAccount estimate by almost $400 million.

Fairness buying and selling income rose 21% to $3.05 billion, in contrast with the $2.77 billion estimate, whereas fastened revenue income edged 3% greater to $2 billion, additionally greater than the $1.85 billion estimate.

Funding banking income surged 56% from a 12 months earlier to $1.46 billion, exceeding the $1.36 billion estimate.

Funding administration, the agency’s smallest division, additionally exceeded expectations, posting a 9% enhance in income to $1.46 billion, modestly greater than the $1.42 billion estimate.

Morgan Stanley’s Wall Road rivals additionally posted better-than-expected Wall Road income. JPMorgan Chase, Goldman Sachs and Citigroup topped estimates on robust income from buying and selling and funding banking.

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