Goldman Sachs has posted net earnings applicable to common shareholders of $2.16bn for the first quarter of 2017, a surge of 80% compared with $1.2bn a year ago.

Net revenues for the quarter ended 31 March 2017 were $8.02bn, a 27% jump from $6.34bn in the corresponding quarter of 2016.

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The company’s net provisions for litigation and regulatory proceedings stood at $139m compared to $77m last year.

Net revenues in the group’s Investment Management unit stood at $1.5bn, an increase of 12% compared to the corresponding quarter of 2016.

The bank said that the increase was mainly driven by higher incentive fees and higher management and other fees. The unit’s total assets under supervision reached $1.37 trillion at the end of the quarter.

Net revenues in Institutional Client Services division were $3.36bn, down 2% from the first quarter of 2016.

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Net revenues in Fixed Income, Currency and Commodities Client Execution remained essentially unchanged at $1.69bn compared to the previous year. The bank said the performance reflected significantly higher net revenues in mortgages and higher net revenues in interest rate products, offset by significantly lower net revenues in commodities and currencies and lower net revenues in credit products.

Goldman Sachs chairman and CEO Lloyd Blankfein said: “The operating environment was mixed, with client activity challenged in certain market-making businesses and a more attractive backdrop for underwriting in our investment banking franchise.

“As the economy improves, we are well-positioned to not only meet our clients’ diverse needs, but also to generate operating leverage for our shareholders.”