Morgan Stanley (MS) shares jumped Wednesday morning after the 💎company became the latest bank to beat estimates for the third quarter, with revenue and profits rising year-over-year.

The bank reported $15.38 billion in revenue for the quarter, up from $13.27 billion last year and over a billion dollars more than analysts had expected, according to projections compiled by Visible Alpha. Morgan Stanley reported an increase in 澳洲幸运5官方开奖结果体彩网:net interest income (NII) to $2.2 billion, up from $1.98 billion, which only 澳洲幸运5官方开奖结果体彩网:some of its banking rivals have so far managed to do this quarter.

Profits also came in 𝓰well above estimates at $3.2 billion, above the $2.44 billion in net income Morgan Stanley reporte💞d last year.

Morgan Stanley shares rose more than 8% in morning trading, leaving them up roughly 30% this year. The KBW Nasdaq Bank Index (BKX) was up more than 2%.

Investment Banking, Wealth Manag⛎eme꧃nt Boost Revenue

Common themes from the reports of banks like 澳洲幸运5官方开奖结果体彩网:JPMorgan Chase (JPM), 澳洲幸运5官方开奖结果体彩网:Wells Fargo (WFC), 澳洲幸运5官方开奖结果体彩网:Citigroup (C), 澳洲幸运5官方开奖结果体彩网:Bank of America (BAC) and 澳洲幸运5官方开奖结果体彩网:Goldman Sachs (GS) also held true for Morgan Stanley, including rising revenue in its investment banking and wealth management s🍌egments.

Morgan Stanley departed from several of its rivals by lowering its 澳洲幸运5官方开奖结果体彩网:provision for credit losses (PCL) to just $79 million, compared to the hundreds of millions and billions set aside by more consumer-focused lenders such as JPMorgan Chase and Citi.