Goldman Sachs shares (NYSE:) trade more than 1% higher today.

According to analysts’ expectations, $10.76 was reported on net revenue at $12.93 Billion. Analysts were expecting 12.5% growth. However, the annualized ROE growth was only 15%.

The quarter’s investment banking revenue was $2.13 trillion, which is below the consensus estimate of $2.28 Billion. Also, Equities sales revenue and trading revenue were $3.15 billion above estimates of $2.73 trillion.

Trade revenue was at $7.87Billion which is significantly higher than the anticipated $5.84B.

Citi analyst Keith Horowitz said that GS managed to deliver a “very strong quarter in a tough environment.”

“We were well ahead of consensus heading into 1Q, and GS beat our number mainly on expenses while relative to consensus it was more of a top line beat.”

Glenn Schorr from Evercore ISI also expressed his positive opinion.

“While investors never like to pay for great trading at Goldman and shiver at the thought of saying Goldman and consumer in the same sentence, it is what it is and a 15.8% ROTCE when capital markets are in upheaval, banking is massively disrupted and markets are off a lot should count towards Goldman executing on the plan to build a more resilient and durable revenue stream and mix of businesses,” he told clients.

By Senad Karaahmetovic