Morgan Stanley posted third-quarter results that beat expectations on blockbuster results in its equities trading franchise.
The company said profit climbed 6.5% to $4.91 billion, or $3.03 a share. Revenue climbed 12% to $20.34 billion.
The firm's equities trading division, long a marquee business for Morgan Stanley, posted a 41% increase in revenue to $5.8 billion, exceeding the StreetAccount estimate by about $909 million.
Morgan Stanley cited widespread strength across its equities products and regions, but cited Asia as a source of particular strength in the quarter. The gains in that business helped offset disappointments elsewhere.
Fixed income trading revenue fell 7% to $2.01 billion, driven by declines in credit and commodities, which is roughly $260 million below expectations.