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.

JPMorgan, Wells Fargo, Goldman Sachs and Citi kicked off earnings season on Wednesday with their December-quarter results.

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.

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

Goldman attributed the quarter's growth to higher net revenues from all its businesses, but particularly from its Global Banking and Markets unit. In the fourth quarter, that department generated $8.48 billion in net revenues, a 33% rise from the same quarter in 2023.

Profit rose to $4.11 billion, or $11.95 per diluted share, for the three months ended Dec. 31, compared with $2.01 billion, or $5.48 per diluted share, a year ago

JPMorgan saw its net profits rise to a record $58.5 billion from $49.6 billion in 2023, while Goldman Sachs reported profits of $14 billion for 2024, compared to $8.5 billion a year earlier.

Goldman Sachs reported a more than doubled profit in Q4, driven by increased fees from dealmaking and trading. The bank's global banking revenue surged, with strong performances in equity and debt markets.

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.