Morgan Stanley on Thursday reported a drop in second-quarter profit, as dealmaking slumped amid soaring market volatility and dented the firm's investment banking unit.

The bank reported a profit of $2.4 billion, or $1.39 per share, for the quarter ended June 30, compared with $3.4 billion, or $1.85 per share, a year earlier.

Analysts on average had expected a profit of $1.53 per share, according to data from Refinitiv.

It was not immediately clear if the reported numbers were comparable with estimates.