Morgan Stanley
The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California September 24, 2013. Reuters

(Reuters) - Wall Street bank Morgan Stanley's quarterly adjusted earnings more than doubled as stronger performances by its investment banking and wealth management businesses more than made up for a fall in revenue from bond trading.

Net income attributable to common shareholders rose to $1.86 billion, or 94 cents per share, in the three months to June 30 from $803 million, or 41 cents per share, a year earlier.

The net income figures exclude accounting adjustments to reflect the changing value of Morgan Stanley's own debt, which investors and analysts typically ignore.

Analysts on average had expected earnings of 55 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figure was comparable.

Morgan Stanley's shares were up 2.6 percent at $33.33 before the bell. Up to Wednesday's close, the stock had risen 3.6 percent this year, just outperforming the KBW Bank Index.

Excluding an accounting adjustment, net revenue rose 1 percent to $8.61 billion.

Revenue from fixed-income, currency and commodities (FICC) trading fell 17 percent to $1 billion as a lack of volatility discouraged trading during the quarter.

Goldman Sachs Group Inc, JPMorgan Chase & Co and Citigroup Inc earlier reported that their revenue from FICC trading fell 10-15 percent in the quarter.

Bank of America Corp, alone among the big U.S. banks, reported an increase in revenue from the business, helped by a slight pickup in activity late in the quarter.

Morgan Stanley, ranked No. 2 globally in mergers-and-acquisitions, benefited from a strong equities market in the quarter. Advisory revenue rose 26 percent to $418 million.

Revenue from equity underwriting rose 50 percent to $489 million, while debt underwriting revenue rose 26 percent to $525 million.

Revenue from the bank's fast-growing wealth management business rose 5 percent to $3.72 billion.