April 18 (Reuters) - Morgan Stanley reported a 40 percent jump in quarterly profit on Wednesday, helped by lower income tax rate and a rise in trading revenue due to increased market volatility.
The bank’s net income applicable to common shareholders rose to $2.58 billion in the first quarter ended March 31 from $1.84 billion a year earlier.
The company earned $1.45 per share, compared with $1 per share in the year-earlier quarter.
Analysts on average were expecting a profit of $1.25 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.
Rival Goldman Sachs Group Inc posted a rise in quarterly profit on Tuesday, driven by gains in its trading business. (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva)