NEW YORK (AP) — Goldman Sachs said it saw a double digit rise in its first quarter profits on Monday, lifted broadly by the stock and bond markets’ performances in the first months of the year.

The strong quarter comes after Goldman struggled most of 2023 as higher interest rates put a pause on companies doing deals and mergers. But as executives have adjusted to the new normal and interest rates appear to be heading lower, Goldman has benefitted from the change in attitude.

The New York-based investment bank posted a profit of $4.13 billion, up 28% from a year earlier. The company earned $11.67 a share for the quarter, well above analysts expectations.

Most of Goldman’s underlying businesses had a strong quarterly performance. Investment banking fees were up 32% in the quarter at $2.08 billion. The bank said most of the growth was driven in debt underwriting, likely as a result of higher interest rates requiring companies to refinance their bonds and debt.