Morgan Stanley (NYSE: MS) reported Q2 EPS of $0.37, $0.07 worse than the analyst estimate of $0.44. Revenue for the quarter came in at $8.3 billion versus the consensus estimate of $7.93 billion.

Net income and revs in the same period last year, ex-DVA, were $0.16 and $6.6 billion.

Compensation expense of $4.1 billion increased from $3.6 billion a year ago on higher revenues. Non-compensation expenses of $2.6 billion increased from $2.4 billion in the prior year reflecting increased litigation costs and higher volume driven expenses.

Institutional Securities revs improved 40 percent to $4.17 billion on the back of Equity sales and trading and Investment Banking performance, as well as improved results in Fixed Income & Commodities sales and trading.

This quarter, we saw significant year-over-year revenue growth in each of our five major business units and higher year-over-year profitability, commented CEO James Gorman. Of particular note, Equity sales and trading results were strong across all products and regions, while Investment Banking delivered top-three rankings in announced and completed M&A, global equity offerings and global IPOs.

Institutional Securities reported pre-tax income from continuing operations of $960 million compared with pre-tax income of $488 million in the second quarter of last year. Excluding DVA, net revenues for the current quarter were $4.2 billion compared with $3.0 billion a year ago.

Wealth Management pre-tax income improved 59.8 percent to $655 million.

Investment Management reported pre-tax income from continuing operations of $160 million compared with pre-tax income of $43 million in last year’s second quarter.

The Firm has received no objection from the Federal Reserve Board to repurchase up to $500 million of the Firm’s outstanding common stock under rules permitting annual capital distributions (12 CFR 225.8, Capital Planning). Share repurchases will be made pursuant to the share repurchase program previously authorized by the Firm’s Board of Directors and will be exercised from time to time through March 31, 2014, at prices the Firm deems appropriate subject to various factors, including the Firm’s capital position and market conditions. The share repurchases may be effected through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans, and may be suspended at any time.

For earnings history and earnings-related data on Morgan Stanley (MS) click here.