(Reuters) – Goldman Sachs reported an increase in trading revenue on Wednesday, the first Wall Street bank so far to show growth in that business during the fourth quarter as a rise in equities trading revenue offset losses from bond trading.

The bank said net earnings attributable to common shareholders reached $2.32 billion or $6.04 per share in the three months ended Dec. 31, compared with a loss of $2.14 billion or $5.51 per share a year earlier.

The year-ago results included a one-off charge related to a change in U.S. tax laws.

Analysts were looking for a profit of $4.45 per share, according to IBES estimates from Refinitiv, though it was not immediately clear if the numbers were comparable.

Goldman’s shares rose 3.7 percent in early trading following the results.