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Morgan Stanley posted a huge first-quarter earnings beat on Wednesday morning.
The bank reported adjusted earnings of $1.45 a share, a 45% increase from last year and well ahead of analyst expectations of $1.28 a share.
Here are the key numbers (emphasis added):
- Revenue: $11.1 billion, up 14% from last year and a record.
- Adjusted net income: $2.7 billion, up 38% from last year and also a record.
- Equities: Revenue of $2.6 billion, up 27% from last year and a record.
- Fixed income: Revenue of $1.9 billion, the highest number since the first quarter of 2015.
- Investment banking: Revenue of $1.5 billion, up from $1.4 billion a year earlier, with advisory and equity underwriting fees up.
- Wealth Management: Revenue of $4.4 billion, and record pretax income of $1.2 billion.
"We delivered very strong results this quarter, with record revenues and net income — and an ROE above our target range," CEO James Gorman said.
Morgan Stanley is the last big bank to report first-quarter earnings. Goldman Sachs on Tuesday joined Bank of America Merrill Lynch, Citigroup, and JPMorgan in reporting first-quarter earnings that beat analyst expectations.