Morgan Stanley’s profit rose in the second quarter as investment banking activity rebounded.

Its net income rose to $3.1 billion, or $1.82 per share, in the three months ended June 30, the bank said on Tuesday. That compares with $2.2 billion, or $1.24 per share, a year earlier.

An improving economic outlook, expectations of U.S. interest rate cuts and surging equity markets have spurred corporate executives to carry out buyouts, debt sales and stock offerings after a nearly two-year dry spell for Wall Street.

Global investment banking revenues surged 17% in the first half to $41.6 billion, according to data from Dealogic.

Morgan Stanley’s investment banking revenue surged 51% to $1.62 billion in the second quarter.

Rival Goldman Sachs on Monday reported a 17% increase in investment banking revenue. On Friday, JPMorgan Chase reported a 46% gain in investment banking revenue, while Citi’s fees from investment banking jumped 60%.