Wall Street investment bank Morgan Stanley reported a much stronger-than-expected rise in first-quarter profit, boosted by higher revenue from trading bonds and equities.
The bank's trading business, like those of its main rivals, got a boost in the quarter after the Swiss central bank scrapped a cap on the franc, the European Central Bank announced its quantitative easing programme and the US Federal Reserve took steps toward tightening monetary policy. Global stocks have also generally performed strongly since the start of the year.
"This was our strongest quarter in many years with improved performance across most areas of the firm," Chief Executive James Gorman said in a statement.
Net income rose to $2.31bn, or $1.18 per share, in the quarter, from $1.45bn, or 74 cents per share, a year earlier.
Morgan Stanley, the last big US bank to report for the quarter, is focusing less on bond markets and more on managing money for the rich.