Morgan Stanley posts $1.8B profit in Q2

Morgan Stanley (MS) posted a $1.8 billion profit in the second quarter of 2015, or 85 cents per share, down from the same period last year when the company reported a $1.9 billion profit, or 92 cents per share.

Still, when not counting a tax benefit and other items, the banking giant beat estimates, bringing in 79 cents a share versus the 74 cents predicted by analysts.

"We delivered a strong quarter across each of our businesses, through client-focused execution, expense discipline and prudent risk management,'' James Gorman, Morgan Stanley's Chairman and CEO said in a statement. " We remain focused on delivering the long-term value of this franchise."

The company's net revenues totaled $9.7 billion versus $8.6 billion in the second quarter of 2014.

Shares surged  more than 3% in pre-market trading.