Goldman Sachs posted its best profit since the third quarter of 2021, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading, sending its shares up 3% before the bell.

Goldman Sachs said its profit more than doubled in the fourth quarter, boosted by companies’ growing appetite for dealmaking. Profit jumped 105% to $4.11 billion. That amounted to $11.95 per share, which was far better than the $8.

Goldman Sachs drove $14.28 billion of profit in 2024, up 68% from the year earlier, reflecting gains in investment banking and trading. Fourth-quarter per-share earnings of $11.95 handily topped analysts’ estimates of $8.

Goldman Sachs posted its biggest profit since the third quarter of 2021 to beat Wall Street expectations, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading.

Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

The fixed-income trading business posted $2.74 billion in revenue, driven by gains in currencies, mortgages and credit products. The stock-trading unit logged $3.45 billion in the quarter. That pushed the full-year haul from that group to $13.4 billion, which amounted to record net revenue, according to Goldman.

Shares of Goldman Sachs Group Inc (GS) rose nearly 5% on Wednesday after the bank’s fourth-quarter earnings topped Wall Street estimates by a wide margin. The bank reported earnings per share (EPS) of $11.

Goldman Sachs shares gained in premarket trading Wednesday after the bank reported better-than-expected fourth-quarter results.