Morgan Stanley on Thursday posted 2nd-quarter gain and earnings that exceeded analysts’ expectations on toughness in equities trading and investment banking.

Here’s how the bank did:

Earnings: $1.85 a share vs. the $1.65 estimate of analysts surveyed by Refinitiv.

Earnings: $14.8 billion vs. the $13.98 billion estimate.

Whilst rival banks described a steep slowdown in set-earnings buying and selling revenue — a dynamic that ensnared Morgan Stanley’s bond traders as properly — the bank’s toughness has usually been in its equities-investing franchise, the largest in the globe.

That small business outperformed in the second quarter, producing $2.83 billion in earnings, a lot more than $400 million over what analysts experienced envisioned. It built up for the shortfall in fixed profits, which generated $1.68 billion in income, below the $2 billion estimate.

Inventory investing has thrived in the next quarter for Wall Road, as have prosperity management firms, both equally of which have benefited from high asset values and strong IPO activity. A further place that has flourished is financial commitment banking, propelled by robust merger exercise and relevant financings.

Like rival Goldman Sachs, Morgan Stanley posted robust investment decision banking results, with income of $2.38 billion exceeding the $2.1 billion estimate.

That helped the firm’s institutional securities business enterprise, which residences its trading and advisory functions, article $7.1 billion in revenues, about $350 million extra than expected.

The two other significant divisions at New York-based mostly Morgan Stanley also exceeded expectations in the quarter.

The bank’s massive prosperity administration company, bolstered by the E-Trade acquisition previous year, posted $6.1 billion in revenue, edging out the $5.9 billion estimate.

Its expense administration division, served in part by the purchase of Eaton Vance final year, posted $1.7 billion in earnings, topping the $1.53 billion estimate.

By way of a collection of savvy acquisitions, CEO James Gorman has crafted up the bank’s wealth administration franchise to be a person of the greatest in the planet. He also aided rehabilitate the firm’s investing functions and managed its main merger advisory follow.

“The organization delivered a further very robust quarter, with contributions from all of our corporations,” Gorman said in the earnings release. “With our reworked organization model supplying additional steady and sturdy earnings, we have doubled our dividend and announced a $12 billion buyback as we transfer to return our extra funds to shareholders.”

Shares of the lender dipped 1.3% in premarket investing amid a broader offer-off. In advance of Thursday, Morgan Stanley shares have climbed 35% this 12 months, in comparison with the 26% rise of the KBW Lender Index.

Morgan Stanley is the past of the six greatest U.S. banking institutions to report next-quarter earnings.

JPMorgan Chase, Lender of The us, Wells Fargo and Citigroup beat analysts’ earnings expectations by releasing income set aside previously for personal loan losses. Goldman beat estimates on powerful advisory final results.