Morgan Stanley reported a banner third quarter result Tuesday, as the Wall Street giant's investment banking arm helped lift net revenues to $9.9bn from $9.2bn in the third quarter last year.

The institutional securities division, which comprises traditional investment banking as well as sales and trading, reported $4.9bn in net revenue for the quarter, 12.6% higher than the same period in 2017. The increase came on the back of notable gains in equities underwriting. Profits in the unit rose 15% to $1.1bn.