Morgan Stanley (NYSE:MS) reported on Tuesday that its revenue for the first quarter amounted to $15.1 billion, rising by 4.1% compared to the same period in 2023 and higher than expected. Net income grew by 14.4% year-on-year to $3.4 billion, with the diluted earnings per share up 18.8% annually to $2.02.

The bank said it repurchased $1 billion worth of shares in Q1 and that its board set a $0.85 quarterly dividend per share, payable on May 15.

“As a result of strong net new asset growth, the Firm has reached $7 trillion of client assets across Wealth and Investment Management. Institutional Securities also saw strength across the markets and underwriting businesses. The Morgan Stanley Integrated Firm model is delivering durable results,” CEO Ted Pick said.

Morgan Stanley’s stock added 1.74% in premarket trade after the earnings announcement.