Morgan Stanley (NYSE:MS) stock rose 1.40% (As on April 17, 11:26:59 AM UTC-4, Source: Google Finance) after the company posted results that topped analysts’ estimates for profit and revenue as wealth management, trading and investment banking exceeded expectations. The bank said first-quarter profit rose 14% from a year earlier to $3.41 billion, helped by rising results at each of its three main divisions. Equities trading revenue increased 4.1% to $2.84 billion, $160 million more than expected, fueled by derivatives volumes. Fixed income trading revenue slipped 3.5% to $2.49 billion, but that still topped expectations by $120 million. Investment banking revenue jumped 16% to $1.45 billion, edging out the $1.40 billion estimate, as increases in debt and equity issuance offset lower fees from acquisitions. The firm’s smallest division, investment management, was the only major business to underperform expectations. While revenue climbed 6.8% to $1.38 billion, it was below the $1.43 billion StreetAccount estimate. Equity net revenues up 4% from a year ago. Equity net revenues increased from a year ago reflecting solid results across business lines and regions, with notable strength in derivatives against a constructive market backdrop.

Moreover, Fixed-income underwriting did well for a second quarter in row, driven by higher bond issuance. The Wall Street giant’s wealth and investment management divisions also benefited from surging client assets. New assets climbed to $95 billion, with around half of those coming from family offices. Wealth management revenue rose to $6.9 billion from $6.6 billion a year ago. The unit is also reportedly facing higher regulatory scrutiny, with multiple U.S. regulators probing whether Morgan Stanley is vetting its clients and knows the origin of their wealth. The bank’s asset management unit is aiming to double its private credit portfolio to $50 billion in the medium term.

MS in the first quarter of FY 24 has reported the adjusted earnings per share of $2.02, beating the analysts’ estimates for the adjusted earnings per share of $1.66 expected, according to LSEG. The company had reported the adjusted revenue growth of 4 percent to $15.14 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $14.41 billion.

Additionally, the Firm repurchased $1.0 billion of its outstanding common stock during the quarter as part of its Share Repurchase Program. The Board of Directors has declared a $0.85 quarterly dividend per share, payable on May 15, 2024 to common shareholders of record on April 30, 2024.