Total revenue climbed 17% to $4.05 billion, fueled by broad gains across servicing, management, foreign exchange trading, and securities finance. Fee revenue reached $3.19 billion, while net interest income contributed an additional $860 million, marking an 18% increase.

Disciplined spending helped amplify these gains, with total expenses rising just 5%. This modest uptick, driven primarily by revenue-related costs and targeted strategic investments, allowed the firm to significantly widen its margins. Investors reacted positively to the results, pushing shares up 1.8% to $190 in premarket trading.