Wall Street titan Goldman Sachs today reported $2.1 billion profit for the first quarter.
It more than doubled the amount made at the same time last year and smashed market expectations.
Lower revenues in the company's all important investment banking unit - as well as fixed income, commodities, currency and underwriting - were offset by higher revenues from financial advisory and stock investments.
"We are pleased with the firm's solid performance for the quarter," said Lloyd Blankfein, the bank's chief executive.
"Stronger global markets, together with the firm's deep and broad client franchise, drove improved results across most of our businesses," he added.
In the first quarter of 2011 Goldman Sachs had posted earnings of roughly $1 billion. This year earnings per share hit $3.92, more than the $3.55 predicted by investors.
The firm's salary bill dropped 16% compared to the same time in 2011, to $4.38 billion.
