Morgan Stanley on Wednesday posted results that topped analyst estimates as the firm’s trading operations generated almost $1 billion more in revenue than expected.

Here’s what the company reported:

• Earnings: $3.43 a share vs. $3 LSEG estimate
• Revenue: $20.58 billion vs. $19.72 billion estimate

The bank said profit jumped 29% to $5.57 billion, or $3.43 a share. Revenue rose 16% to $20.58 billion, fueled by gains in the firm’s trading, investment banking and wealth management businesses.

Equities trading revenue jumped 25% to a record $5.15 billion, or about $450 million above the StreetAccount estimate. The firm cited strong volumes across its global equities franchise, especially in its prime brokerage business catering to hedge funds and its derivatives unit.

Fixed income revenue rose 29% to $3.36 billion, or about $540 million more than expected, helped by commodities trading that benefited from volatility in energy markets in the period.

Morgan Stanley, led by CEO Ted Pick since 2024, appears to have capably navigated the tumult of the first quarter, which saw rolling corrections in software stocks and the upheaval caused by the Iran war. Of note, the bank edged out rival Goldman Sachs in the key arena of fixed income trading, where Goldman posted an unusually large miss of $910 million versus the StreetAccount estimate.

Morgan Stanley’s investment banking revenue surged 36% to $2.12 billion, essentially matching the StreetAccount estimate, on rising fees from completed mergers, as well as stock and bond underwriting.

Wealth management revenue climbed 16% to a record $8.52 billion as the firm cited rising asset values and fee-generating transactions.

The firm’s smallest division, its investment management business, saw revenue drop 4.2% to $1.54 billion, or about $110 million below expectations. Morgan Stanley cited lower carried interest on private funds for the drop in performance.

Analysts will want to know what Pick has to say on the business outlook for the rest of the year as geopolitical tensions remain high.

This story is developing. Please check back for updates.

Bank of America, the nation’s second-largest lender, beat on the top and bottom lines during the first quarter, bolstered by equities sales and trading.

Here’s what the firm reported:

• Earnings per share: $1.11 per share vs. $1.01 LSEG estimate
• Revenue: $30.43 billion vs. $29.93 billion estimate

The bank said Wednesday that net income rose 17% to $8.6 billion, or $1.11 per share, Bank of America’s highest EPS in almost two decades.

Revenue rose 7.2% to $30.43 billion on rising net interest income, higher trading revenue, and fees from investment banking and asset management.

Equities trading contributed to the beat, as the geopolitical environment roiled stock markets. Revenue in that business jumped 30% to $2.83 billion, topping the StreetAccount estimate by roughly $350 million and helping drive the bank’s trading operations to its best quarter in 15 years.

Investment banking also beat estimates and was up 21% to $1.8 billion, compared with StreetAccount consensus of $1.73 billion.

Net interest income, the profitability metric for loan-making, increased by 9% to $15.9 billion and beat expectations of $15.67 billion as well, according to StreetAccount. That was due to higher loan and deposit balances, fixed-rate asset repricing and markets activity.

In a sign that the bank’s borrowers weren’t deteriorating, the firm posted a $1.3 billion provision for credit losses in the quarter, lower than the $1.5 billion provision in the year earlier period and about $190 million below the estimate.

“We remain watchful of evolving risks. However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy,” Bank of America CEO Brian Moynihan said in the release.

Still, like rival Goldman Sachs, the bank’s fixed income revenue came in below expectations. That business generated about $3.5 billion in revenue, missing the StreetAccount estimate by about $330 million.

The net-charge-off ratio, showing what proportion of total loans were deemed unable to be collected, improved 6 basis points during the quarter to 0.48%. The firm’s consumer banking and global wealth divisions each gained more than 20% in net income.

Return on tangible common equity, a measure of profitability, was 16%, a more than 200 basis point improvement.

— CNBC’s Hugh Son and Laya Neelakandan contributed to this report.

Correction: Bank of America previously guided to net interest income growth of between 5% and 7% this year. A previous version of this article misstated the range. And the firm’s consumer banking and global wealth divisions each gained more than 20% in net income. A previous version misstated the growth metric.