LONDON (ShareCast) - (ShareCast News) - US bank Morgan Stanley became the latest Wall Street bank to exceed analysts' expectations with its first quarter earnings, on the back of a strong performance at its investment and trading arms.
The Wall Street giant reported earnings per share of $1, totalling profits of $1.93bn for the first three months of the year. That figure was well above analyst estimates of 88 cents per share. Compared with the corresponding quarter of 2016, net income almost doubled from 55 cents per share.

Revenue was also higher than last year's figure, increasing from $7.79bn in the first quarter of 2016 to $9.75bn over the most recent quarter. Analysts had estimated that revenue would come in at $9.27bn.

Most of Morgan Stanley's main competitors performed impressively over the same period, including the likes of JPMorgan and Bank of America. Goldman Sachs however disappointed on account of a poor showing at its bond trading unit.

Morgan CEO James Gorman lauded the bank's achievements during the first quarter, while also recognising that uncertainty may lie ahead.

"We reported one of our strongest quarters in recent years. All our businesses performed well in improved market conditions," Gorman said. "We are confident in our business model and the opportunities ahead, while recognizing that the environment remains uncertain."

The bank's shares were boosted almost 5% in pre-market trading, before trading 1.8% higher as of 12:52 GMT.

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