On Wednesday, Morgan Stanley (NYSE: MS) announced the financial results for the first quarter of 2018. Shares of the company rose 2.35% to $53.24 per share in premarket trading today.
For the first quarter, the company announced total revenue of $11.08 billion, increasing 13.7% from the same period last year. In addition, revenue of wealth management increased 7.8%, and revenue of investment banking segment increased 6.8%, which was motivated by higher advisory fees.
The company also reported its fixed income, commodities and currencies trading sales increase of 12%, compared with the 46% revenue decline for the fourth quarter last year. In addition, revenue of asset management rose from $517 million to $626 million.
Net income for the first quarter increased 40% to $2.58 billion. Earnings per share for the quarter rose from $1 to $1.45 per share, which beat analysts’ estimates of $1.25 per share.
“We delivered very strong results this quarter, with record revenues and net income - and an ROE above our target range. Each of our businesses performed well, with significant client engagement across our global franchise, and Sales and Trading a particular highlight in a more active environment,” James P. Gorman, the Chairman and Chief Executive Officer of Morgan Stanley, said in the statement on Wednesday.