Goldman Sachs earned its biggest quarterly profit in more than three years, beating Wall Street expectations, as its investment bankers brought in more fees from deals and debt sales, while its traders benefited from a surge in market activity.

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.

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.