Morgan Stanley investors applauded the bank yesterday after it announced strong quarterly results and its first share buyback since the financial crisis.

The firm posted a 66 percent jump in second-quarter profit, fueled by its wealth management unit and equity sales and trading.

Morgan Stanley reported per-share income of 41 cents, beating analysts’ estimates of 29 cents.

Australian-born CEO James Gorman has reshaped the investment bank to focus on wealth management and away from more volatile areas like fixed income.

Shareholders cheered the performance, lifting the bank’s shares 4.3 percent, to $27.70.

At least some of the stock jump was attributed to the bank’s announcement that it had received Federal Reserve approval to resume buybacks. The bank said it would repurchase up to $500 million worth of shares.