Morgan Stanley reported an 87 percent rise in third-quarter earnings as the Wall Street bank's trading and wealth management businesses benefited from increased client activity.
Net income attributable to common shareholders rose to $1.65 billion, or 84 cents per share, in the three months ended Sept.30 from $880 million, or 45 cents per share, a year earlier.
Analysts on average had expected earnings of 54 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear whether the reported figure was comparable.
Following the report, Morgan Stanley's shares rose in premarket trade. (Track its shares here.)
Revenue increased to $8.9 billion from $8.1 billion a year ago.
Analysts expected third-quarter earnings of 54 cents a share on revenue of $8.17 billion, according to a consensus estimate from Thomson Reuters.
The sixth biggest U.S. bank by assets, Morgan Stanley has acted contrary to most of its rivals by building its private equity businesses using structures subject to the Volcker rule. As the regulation limits the amount a bank and its employees can contribute, profit-sharing is restricted.