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.

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 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 (GS) shares gained in premarket trading Wednesday after the bank reported better-than-expected fourth-quarter results. The bank reported $4.11 billion in profit on $13.87 billion in revenue,

Goldman Sachs reported on Wednesday higher fourth-quarter profit above market estimates, powered by strong growth in revenues, especially in investment banking fees. For the quarter, net earnings applicable to common shareholders surged 110% to $3.