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Investing.com -- Morgan Stanley (NYSE:MS) shares rose nearly 2% in the Friday premarket after the Wall Street bank delivered first-quarter profit and revenue that trumped analyst expectations.
The company reported earnings per share (EPS) of $2.60 for the quarter, beating the consensus estimate of $2.26. It generated a revenue of $17.7 billion, also above the projected $16.76 billion.
Morgan Stanley’s equities sales and trading business was a standout, generating $4.13 billion in revenue, well ahead of the $3.42 billion expected.
Wealth management, however, delivered slightly below expectations at $7.3 billion versus a forecast of $7.44 billion.
The bank’s return on equity for the period was 20%, compared to an expected 15.1%, while return on tangible equity surged to 37%, also beating the 20% estimate.