Morgan Stanley The company’s fourth-quarter earnings and revenue beat expectations on Thursday as the company beat expectations among equity and fixed-income traders.

Here’s what the company reports:

• Earnings per share: $2.22 vs. $1.70 expected by LSEG
• Revenue: $16.22 billion, vs. $15.03 billion expected

The bank said quarterly profit more than doubled from a year earlier to $3.71 billion, or $2.22 a share. earlierwhich had two regulatory charges against it at the time.

Revenue rose 26% to $16.22 billion as results improved across all of the bank’s main businesses.

The company’s stock trading business had the brightest performance in the quarter, with revenue rising 51% to $3.3 billion, nearly $650 million higher than StreetAccount’s forecast. Morgan Stanley noted increased client activity and strength in its prime brokerage business for hedge funds.

Revenue from the company’s fixed-income business rose 35% to $1.93 billion, about $250 million above StreetAccount’s forecast, due to increased activity in credit and commodities markets.

Investment banking revenue rose 25% to $1.64 billion, largely in line with StreetAccount’s expectations, driven by rising advisory and equity capital markets performance.

Wealth management revenue rose 13% to $7.48 billion, $120 million above expectations, due to higher asset levels and higher fees.

While bank stocks were supported by enthusiasm on expectations of increased trading activity, it was actually the trading side that helped Morgan Stanley and rivals Goldman Sachs More on quarter. Traders at both firms took advantage of heightened activity around the U.S. election in November.

Morgan Stanley shares rose 2% in pre-market trading Thursday.

Wednesday, JPMorgan ChaseGoldman Sachs and Citigroup Each beat expectations, helped by better-than-expected trading or investment banking revenue.