The US bank's net revenues totalled $9.3bn (£5.7bn) in the three months to 30 June, up from $8bn a year earlier.
Morgan made a net loss of $558m, or 38 cents per share, during the quarter.
However, it was triggered by a one-off $1.7bn charge, without which Morgan would have made a profit of 64 cents.
The charge was caused by an investor converting its Morgan shares.
The change by the investor in question - Japanese bank Mitsubishi UFJ Financial - had the effect of diluting Morgan's common shares.