(Reuters) – Morgan Stanley (NYSE:) reported an 11% drop in first-quarter profit on Thursday as equity underwriting revenue slumped from last year’s highs, taking some shine off a near doubling in M&A advisory fees.

In the March 31st quarter, profit at the bank fell to $3.54 Billion or $2.02 per share from $3.98Billion or $2.19 a year prior.

According to data from Refinitiv, analysts expected the bank to post a profit average of $1.68 per shares. However, it wasn’t immediately apparent if these numbers are comparable to previous estimates.

According to Wall Street Investment Banking Powerhouse, net revenues rose from $15.72 billion to $14.8 Billion in quarter one.

The Russian invasion of Ukraine caused turmoil in the U.S. financial markets. Companies were forced to wait for stock market listing and dealmaking, and the equity markets became unstable.

Like rivals Goldman Sachs (NYSE:) and JPMorgan Chase (NYSE:), Morgan Stanley rode a dealmaking wave last year as businesses looked to raise capital and make M&A deals and the economy started to recover from the pandemic-induced downturn.

According to Refinitiv data, March 29 saw a decrease in the value of both pending deals and those that have been completed to $900billion.

The volume of equity underwriting deals fell by 80% for Morgan Stanley (and Goldman Sachs), the most prominent financial advisors in initial public offerings (IPOs).

Morgan Stanley, however, reported a near doubling in advisory revenues, driven by higher levels of completed M&A transactions.