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(Reuters) - Morgan Stanley (MS.N) posted a better-than-expected first-quarter profit on Wednesday, as its trading business drew strength from increased market volatility in line with other major banks.

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The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton - RC1EEC5D8800

Sales and trading revenue at the United States’ sixth biggest bank rose 26 percent in the quarter, driven by strong gains in equities trading.

Strength in wealth management also helped overall profit and the bank’s shares rose nearly 2 percent in premarket trading.

After a subdued 2017, volatility has returned to global financial markets, roiling stocks, bonds, currencies and commodities on fears of a trade war between the United States and China as well as concerns about inflation.

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FILE PHOTO: The Morgan Stanley logo is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York, NY, U.S., April 19, 2017. REUTERS/Brendan McDermid/File Photo

This has led to big revenue gains at banks with sizable trading operations such as Morgan Stanley and Goldman Sachs Group Inc (GS.N) in the latest quarter.

Morgan Stanley’s total trading revenue was $4.40 billion, slightly better than Goldman’s $4.39 billion.

Morgan Stanley’s bond trading revenue rose 9.3 percent on increased client activity after several sluggish quarters, in contrast to rivals JPMorgan Chase & Co (JPM.N) and Citigroup Inc (C.N).

Wealth management revenue rose 7.8 percent while pretax profit margin came in at 27 percent, the mid-point of Chief Executive Officer James Gorman’s target of 26 percent to 28 percent.

Under Gorman, Morgan Stanley has been relying more on businesses that generate steady fees, like wealth

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