The investment giant reported profits of US$4.6 billion, 16.6% above the year-ago level in results that topped analyst expectations.

Revenues were US$15.1 billion, up 6%.

Revenues tied to equity trading soared 27% from the year-ago level, with Goldman benefiting from strong demand for its services to facilitate trading and providing financing to clients trading stocks.

The bank said its advisory revenues were “significantly lower” than in the year-ago period.

However, Goldman’s investment banking fees backlog increased compared with the end of 2024.

Investment bankers had been eyeing more deals with the shift to the Trump administration from the Biden years, where mergers had been viewed skeptically.

However, deal flow has so far lagged expectations, with analysts citing a weakening macroeconomic backdrop amid Trump’s shifting tariff policies.

Goldman’s asset and wealth management business posted a drop in revenues, due to significantly lower revenues in equity and debt investment, partially offset by higher management fees.

Goldman’s strong results show “that in times of great uncertainty, clients turn to Goldman Sachs for execution and insight,” said chief executive David Solomon.

“While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients,” Solomon said.

Shares rose 1.3% in pre-market trading.