Second-quarter earnings per share hit $3.46 as stock trading fees jumped 69% to $6.3 billion, exceeding estimates.
Morgan Stanley reported second-quarter net income of $5.58 billion, or $3.46 per share, as net revenue surged 27% year-over-year to a record $21.35 billion. The gains were driven by a 69% increase in stock trading fees to $6.3 billion, the highest in the firm’s history, and a 70% rise in equity underwriting to $851 million.
The results surpassed analyst expectations and marked the latest in a string of strong earnings from major banks, including JPMorgan Chase, Goldman Sachs, and Bank of America. Combined, the six largest U.S. banks earned nearly $55 billion in the quarter, a 37% increase from the prior year.
Morgan Stanley’s stock rose in early trading Wednesday, extending a 24% gain since January. CEO Ted Pick attributed the performance to capital accretion and strong returns for shareholders.