Morgan Stanley profit beats estimates on bond trading strength

Morgan Stanley beat estimates for quarterly profit on Thursday, buoyed by higher revenue from bond trading and M&A advisory fees. Net income attributable to the company rose marginally to $2.17 billion, or $1.27 per share, in the third quarter ended Sept. 30, from $2.11 billion, or $1.17 per share, a year ago.

Net revenue inched up to $10 billion from $9.9 billion. Analysts were expecting a profit of $1.11 per share on revenue of $9.6 billion, according to IBES data from Refinitiv.

Morgan Stanley's shares were up nearly 4% in premarket trading.