Morgan Stanley Earnings Nearly Double In Third Quarter

Morgan Stanley earnings rocketed 87 percent to $1.7 billion in the third quarter compared to last year’s third-quarter earnings of $889 million, the firm reported on Friday. The earnings work out to 84 cents per share, compared to last year’s 44 cents per share.

When factoring in a tax benefit and other adjustments, Morgan Stanley actually made around 65 cents per share, still significantly higher than experts expected, according to the New York Times. Net revenue for the year totaled around $8.9 billion, up from $8 billion through third quarter 2013.

“Morgan Stanley has delivered another quarter of earnings growth and strong performance based on consistent execution for our clients,” Chairman and CEO James P. Gorman said in a statement. “We are well positioned to create superior returns for our shareholders, particularly as the U.S. economy continues to strengthen.”

Morgan Stanley shares jumped nearly 5 percent in pre-market trading on Friday. Stocks of the firm closed at $32.53 on Thursday.

Both JPMorgan Chase and Citigroup posted their quarterly results on Tuesday and showed improvement over last year’s numbers. Bank of America reported on Wednesday that it posted a net loss attributable to shareholders of $70 million, or 1 percent. Goldman Sachs reported third-quarter earnings above expectations, up from $1.52 billion last year to $2.24 billion this year, or $2.88 per share to $4.57 per share. Experts expected Goldman to earn $3.21 per share.

America’s largest financial firms are pulling themselves out of the yearslong woes of paying legal settlements for their roles in the 2008 financial crisis.

Read Morgan Stanley’s full third-quarter report here.