Mubasher: Morgan Stanley on Wednesday said its profits jumped 38% year-on-year in the first quarter of 2018, passing analysts’ expectations.

The bank posted $2.66 billion in the first three months of the year, up from $1.93 billion in Q1-17.

The US-based bank’s earnings per diluted share (EPS) amounted to $1.45 during Q1-18 against $1 in the same period in the year before.

In terms of revenues, Morgan Stanley logged $11.07 billion in Q1-18, registering a rise from $9.74 billion in the year-ago period. The banking services provider said its revenues from investment management increased to $718 million in Q1-18, compared to $609 million for the corresponding period of 2017.

“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,” Morgan Stanley CEO and chairman James P. Gorman said.

By 2:03 GMT, Morgan Stanley’s stock increased 2.16% to $54.39.