Morgan Stanley reports 30% rise in revenue to $13 billion for the second-quarter, shattering analyst estimates

• Morgan Stanley reported better-than-expected earnings on Thursday, reflecting strong engagement across its network of wealth management clients.
• The bank's second-quarter revenue rose 30% to 13.4 billion, smashing analyst estimates by a whole $3 billion.
• Earnings attributable to shareholders climbed to $3.2 billion, or $1.96 a share, from $2.2 billon a year ago.
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Morgan Stanley reported second-quarter earnings on Thursday that exceeded analyst estimates polled by Bloomberg, posting what it said were record net profits and net revenues.

The American multinational investment bank posted a 30% increase in revenue to $13.4 billion for the second quarter ending June 30, compared to $10.2 billion a year ago.

Revenue generated surpassed Bloomberg estimates by $3 billion.

The New York-based bank's shares climbed 1.7% in pre-market trading.

Below are the key numbers:

Net income: $3.2 billion versus $1.7 billion estimated

Earnings per share: $1.96 per share versus $1.12 per share estimated

Revenue: $13.4 billion versus $10.2 billion estimated

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"This builds on the momentum of a very strong first quarter, while more than 90% of our employees continue to work from home, demonstrating the ongoing operational resilience of our platform," CEO James Gorman said in a statement.

Morgan Stanley's earnings attributable to shareholders climbed to $3.2 billion, or $1.96 a share, from $2.2 billon a year ago.

Revenues rose 39% from the company's investment banking division, and 69% from its equity sales and trading division, reflecting strong performance in cash equities and derivatives across all regions.

The bank's wealth management division reported a rise in revenue of $4.7 billion, compared to $4.4 billion a year ago. Investment management brought in revenue of $886 million, higher than $839 million last year.

Morgan Stanley's provision for credit losses on loans and lending — an estimate of loss due to credit risk — amounted to $239 million for the second quarter, which was down from $407 million in the first quarter, but up from $18 million from the year-ago period.

According to Goldman analysts, Morgan Stanley's greater focus on capital markets and fee income will provide a "partial offset to earnings headwinds" and the need to boost loan reserve.

JPMorgan, Goldman Sachs, Bank of America, and Citigroup have also managed to beat analyst expectations on strong growth in investment banking and trading.

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