Investment bank Morgan Stanley today said its quarterly earnings rose thanks to a rebound in investment banking and equity businesses and a record quarter for its Discover Card unit.
The New York-based brokerage reported that first-quarter net income rose to $1.23 billion from $905 million a year ago.
Revenue from sales and trading of equities rose by 13 per cent from the year earlier quarter to $1.11 billion while income from the bond unit rose 1 per cent to $1.65 billion.
The investment banking business reported a revenue jump of 40 per cent to $232 million from reflecting a rebound in mergers and acquisitions.
Underwriting revenue for equities surged by 147 per cent to $314 million, although underwriting for fixed-income securities fell by 7 per cent to $193 million.