Wall Street bank Morgan Stanley’s quarterly earnings more than doubled, beating market estimates, as stronger performances by its investment banking and wealth management businesses more than made up for a fall in revenue from bond trading.

Net income attributable to common shareholders rose to $1.86bn, or 94 cents per share, in the second quarter from $803mn, or 41 cents per share, a year earlier.

The bank’s net income figures include accounting adjustments to reflect the changing value of Morgan Stanley’s own debt.

According to adjusted figures calculated by Thomson Reuters I/B/E/S, the company earned 60 cents per share, beating the average analyst estimate of 55 cents.

Morgan Stanley’s shares were up 2% at $33.15 before the opening bell yesterday. Up to Wednesday’s close, the stock had risen 3.6% since the start of the year, just outperforming the KBW Bank Index.

Including an accounting adjustment, the bank said net revenue rose 1% to $8.61bn.

Revenue from fixed-income, currency and commodities (FICC) trading fell 12.3% to $1bn as a lack of volatility discouraged trading during the quarter.

Goldman Sachs Group Inc, JPMorgan Chase & Co and Citigroup Inc earlier reported that their revenue from FICC trading fell by 10-15% in the quarter.

Bank of America Corp, alone among the big US banks, reported an increase in revenue from the business, helped by a slight pickup in activity late in the quarter.

Morgan Stanley, ranked No 2 globally in mergers-and-acquisitions, benefited from a strong equities market in the quarter. Advisory revenue rose 26% to $418mn.

Revenue from equity underwriting rose 50% to $489mn, while debt underwriting revenue rose 26% to $525mn.

Revenue from the bank’s fast-growing wealth management business rose 5% to $3.72bn.

Unlike Goldman Sachs, its biggest rival, Morgan Stanley decided years ago to rely less on bond markets as a profit engine and focus instead on managing money for the wealthy.

The bank took its biggest step into the business by taking full control of brokerage Smith Barney from Citigroup, a process started in 2009 and completed a year ago.

Helped by cost cuts, pretax profit margins in the business increased to 21% in the second quarter, from 18.5% in the same quarter of 2013. Gorman aims to deliver margins of 22-25% by the end of 2015 if interest rates stay low.

Revenue from asset management fees rose 11% to $2.1bn.

Revenue from stock trading was flat at $1.8bn. Goldman Sachs’ revenue from that business fell 13% to $1.61bn.