Goldman Sachs today topped analysts' revenue estimates as stronger equities trading revenue cushioned bond trading losses.
This makes it the only Wall Street bank so far to show growth in fourth-quarter trading revenue.
By contrast, the trading units at JPMorgan Chase & Co and Citigroup took a beating in the fourth quarter, as sharp losses in bond trading outweighed any gains from stocks trading.
At Goldman, which is more sensitive to market fluctuations than its peers, overall trading revenue rose 2% in the three months ended December.
Equities trading revenue jumped 17% to $1.60 billion, while bond trading revenue slid 18% to $822m, far from its peak of more than $6 billion.
Citi's bond trading revenue fell 21%, while JPMorgan saw a 16% fall. Equities trading at both banks climbed.
Goldman's net earnings attributable to common shareholders reached $2.32 billion or $6.04 per share in the three months ended December 31, compared with a loss of $2.14 billion or $5.51 per share a year earlier.
Analysts were looking for a profit of $4.45 per share, according to IBES estimates from Refinitiv, although it was not immediately clear if the numbers were comparable.
The year-ago results included a one-off charge related to a change in US tax laws.
Total net revenue was $8.08 billion, above analysts' average estimate of $7.63 billion, according to IBES data from Refinitiv.
Goldman's shares have fallen 30% over the last 12 months, and over 25% in the fourth quarter, after headlines about the bank's involvement in the Malaysian 1MDB scandal emerged.
