NEW YORK — Morgan Stanley today reported second-quarter profit of $3.51 billion.
The company said it had earnings of $1.85 per share. Earnings, adjusted for non-recurring costs, were $1.89 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.63 per share.
The investment bank posted revenue of $15.11 billion in the period. Its revenue net of interest expense was $14.76 billion, also topping Street forecasts. Four analysts surveyed by Zacks expected $13.92 billion.
Morgan Stanley shares have climbed 35% since the beginning of the year, while the S&P’s 500 index has climbed 16%. The stock has increased 83% in the past 12 months.