Morgan Stanley ( NYSE:MS ) stock rises 2.37% to $133.65 in premarket trading at 9:06 AM ET after reporting Q4 profit more than doubling , driven by strong deal activity and stock sales. The firm posted a record annual revenue of $61.8 billion.

CEO Ted Pick calls 2024 one of the firm's strongest years, crediting growth in investment banking and wealth management. Equity trading revenue jumps 22%, with notable gains in Asia and the Americas.Investment banking revenue climbs 25% to $1.64 billion, mirroring gains at Goldman Sachs (GS) and JPMorgan Chase (JPM). Overall Q4 revenue jumps 26% to $16.2 billion, beating LSEG estimates of $15 billion.

Profit was up to $3.7 billion ($2.22 per share), up from $1.5 billion (85 cents per share) a year ago, surpassing analyst expectations of $1.70 per share.Wealth management revenue climbs 13% to $7.5 billion, with client assets at $7.9 trillion. The firm targets $10 trillion in managed assets.

This article first appeared on GuruFocus .