Morgan Stanley net income, revenue rise in Q1

By Ovunc Kutlu

NEW YORK (AA) - Morgan Stanley saw its net income and revenue increase in the first quarter of the year, according to a financial statement released by the global investment bank Wednesday.

The bank's net income increased 71 percent to $1.93 billion in the first three months of the year, from $1.13 billion during the same period last year.

Morgan Stanley's revenue rose nearly 25 percent to $9.74 billion in the January-March period.

The investment bank boasted revenue of $7.79 billion during that period last year.

After positive financial results, Morgan Stanley's stock price has begun increasing on Wall Street.

After closing Tuesday at $41.21 a share, the bank's stock value climbed to as high as $42.94 per share on Wednesday -- a 4.2 percent gain.