A 56% surge in dealmaking fees during the third quarter and a jump in stock trading revenue pushed Morgan Stanley’s profits ahead of market predictions, capping off a buoyant reporting season for Wall Street banks.

Morgan Stanley made $1.5bn in investment banking fees during the third quarter, as it more than doubled debt underwriting revenue to $555m. The 56% gain in dealmaking is the biggest percentage increase of any major US bank to report third-quarter earnings.