Morgan Stanley quarterly earnings rise

Investment bank Morgan Stanley on Thursday said its quarterly earnings rose, helped by a rebound in investment banking and equity businesses and a record quarter for its Discover Card unit.

The New York-based brokerage reported first-quarter net income rose to $1.23 billion, or $1.11 per share, from $905 million, or 82 cents per share, a year ago.

Wall Street analysts, on average, had expected the firm to report net income of 95 cents a share, according to Reuters Research, a unit of Reuters Group Plc.

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The investment bank had net revenue for the first quarter ended Feb. 29 of $6.2 billion, up 14 percent from the year-earlier quarter and 23 percent more than during the fourth quarter of last year.

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Revenue from sales and trading of equities rose by 13 percent from the year earlier quarter to $1.11 billion. Sales and trading of fixed income securities rose 1 percent to $1.65 billion.

Advisory revenue jumped by 40 percent to $232 million from $166 million last year, reflecting a rebound in mergers and acquisitions. Underwriting revenue for equities surged by 147 percent to $314 million, though underwriting for fixed income securities declined by 7 percent to $193 million.