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Morgan Stanley’s earnings jump, helped by trading

FILE - In this Tuesday, Oct. 18, 2011, file photo, the Morgan Stanley logo is displayed on its Times Square building, in New York. Morgan Stanley reports financial results Wednesday, Oct. 19, 2016. (AP Photo/Mark Lennihan, File)
FILE - In this Tuesday, Oct. 18, 2011, file photo, the Morgan Stanley logo is displayed on its Times Square building, in New York. Morgan Stanley reports financial results Wednesday, Oct. 19, 2016. (AP Photo/Mark Lennihan, File) FILE - In this Tuesday, Oct. 18, 2011, file photo, the Morgan Stanley logo is displayed on its Times Square building, in New York. Morgan Stanley reports financial results Wednesday, Oct. 19, 2016. (AP Photo/Mark Lennihan, File)

By Associated Press 1 min read

NEW YORK (AP) – Morgan Stanley’s earnings soared 62 percent in the third quarter thanks to big gains in bond trading.

The New York-based investment bank earned $1.52 billion after payments to preferred shareholders, up from $939 million in the same period a year earlier. Earnings per share, excluding an accounting adjustment, were 81 cents versus 34 cents a year earlier.

The results beat analysts’ expectations. Analysts surveyed by FactSet expected the bank to earn 63 cents per share.

Revenue rose to $8.91 billion from $7.77 billion.

Morgan Stanley’s stock rose 1 percent in pre-market trading.