Morgan Stanley’s 1.68% second-quarter earnings rose 45% during a stretch when the coronavirus ripped through the US economy and financial markets.

The bank reported revenue of $13.4bn and profit of $3.2bn, or $1.96 per share, on 16 July. Both were quarterly records for the firm and well above the expectations of Wall Street analysts, who had predicted profit of $1.77bn, or $1.12 per share.