(Bloomberg) -- Morgan Stanley reported profit that beat analysts’ estimates as pretax earnings from its retail brokerage, the world’s largest, rose to a record.

First-quarter net income was $984 million, or 49 cents a share, compared with a loss of $94 million, or 6 cents, a year earlier, the New York-based company said today in a statement. Excluding accounting charges tied to the firm’s own debt, profit was 61 cents a share, topping the 56-cent average estimate of 20 analysts surveyed by Bloomberg.

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