Morgan Stanley on Wednesday reported its first quarterly profit in a year, led by a rebound in income from underwriting debt and equity issues as well as an infusion of new revenues from its Morgan Stanley Smith Barney network of financial advisers.

The bank reported third-quarter earnings of $757m, a turnaround from a loss of $159m the previous quarter. Revenues jumped to $8.7bn in the quarter from $5.4bn the second quarter.