Morgan Stanley's income nearly doubles

Morgan Stanley's income nearly doubled in the third quarter thanks to growth in its institutional securities and wealth management divisions.

The investment bank earned $1.71 billion, up from $889 million in the same period a year earlier. The investment bank earned 84 cents per share, up from 45 cents a year earlier.

Earnings per share, excluding items, were 77 cents. That well exceeded analyst estimates of 54 cents per share.

Morgan Stanley shares are up 3.2% in morning trading to $33.58.

Net revenue totaled $8.9 billion, up from $7.95 billion a year ago.

General Electric also posted strong earnings Friday, with profit up 11% due to strength with the company's aviation and oil and gas business.

Morgan Stanley's institutional securities business saw large gains in pre-tax income. The segment earned $1.2 billion in the quarter, versus $396 million in the same period a year earlier. Institutional securities includes prime brokerage, trading and investment banking divisions.

Wealth management, which includes Morgan Stanley's Smith Barney franchise, reported a pre-tax profit of $836 million, up from $668 million a year ago.

Contributing: Associated Press