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 net interest income (NII) to $2.2 billion, up from $1.98 billion, which only some of its banking rivals have so far managed to do this quarter.
Profits also came in well above estimates at $3.2 billion, above the $2.44 billion in net income Morgan Stanley reported 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%.
Common themes from the reports of banks like JPMorgan Chase (JPM), Wells …