Morgan Stanley posted third-quarter results that beat expectations on blockbuster results in its equities trading franchise.

Here’s what the company reported:

• Earnings per share: $3.03 vs. $2.91 LSEG estimate
• Revenue: $20.34 billion vs. $19.95 billion estimate

The company said profit climbed 6.5% to $4.91 billion, or $3.03 a share. Revenue climbed 12% to $20.34 billion.

The firm’s equities trading division, long a marquee business for Morgan Stanley, posted a 41% increase in revenue to $5.8 billion, exceeding the StreetAccount estimate by about $909 million.

Morgan Stanley cited widespread strength across its equities products and regions, but cited Asia as a source of particular strength in the quarter. The gains in that business helped offset disappointments elsewhere.

Fixed income trading revenue fell 7% to $2.01 billion, driven by declines in credit and commodities, which is roughly $260 million below expectations.

Investment banking revenue edged 2% higher to $2.16 billion, about $110 million below expectations. The bank cited an increase in advisory revenue on more completed mergers, but declines in equity underwriting on lower IPOs and a decline in fixed income underwriting.

Shares declined less than 1% in premarket trading.

Analysts will want to know what CEO Ted Pick has to say on the outlook for mergers and IPOs for the rest of the year amid the churn caused by rising interest rates.

This story is developing. Please check back for updates.