Morgan Stanley has reported an income of $1.8bn, or $1.03 per diluted share, from continuing operations for the first quarter ended March 31, 2010, compared with a loss of $17m, or $0.41 per diluted share, for the same period of 2009.

Net revenues for the first quarter of 2010 were $9.08bn compared to $2.89bn for the corresponding quarter of 2009.

Investment banking revenues for the first quarter of 2010 were $887m, compared with $811m for the same quarter of 2009. Sales and trading net revenues were $4.1bn, compared with $1.4bn for the first quarter of 2009.

Asset management reported net revenues of $653m for the first quarter of 2010, compared with $22m in the same quarter of 2009.

James Gorman, president and CEO of Morgan Stanley, said: “Our intense focus on disciplined execution across Morgan Stanley’s global franchise helped the firm deliver improved results this quarter, though we still have a great deal of work to do. Within institutional securities, the build-out of our sales and trading business is beginning to pay off across our fixed income and equity platforms.

“We are driving forward key strategic initiatives, including the integration of the Morgan Stanley Smith Barney joint venture, where we saw the highest levels of net new assets since the fall of 2008 and historic lows in financial advisor turnover. We also made progress in repositioning our asset management business, which delivered positive results for the quarter.”