UBS’s investment bank revenue jumped 22% in the third quarter as its trading fees surged, while dealmaking remained muted compared with its rivals.

The Swiss bank reported $2.6bn in revenue for its investment bank, ahead of the $2.3bn expected by analysts, as its global markets business rose 33% for the period. Profit within the unit was $405m, compared with a $254m loss last year, which smashed market predictions of $228m.