Goldman Sachs has reported that its third-quarter net profit rose nearly 30% year over year. The standout performance in its equities trading division helped offset an unexpected decline in fixed income trading revenue.

According to Goldman Sachs (NYSE: GS) financial results, net profit for the quarter reached $5.3 billion, surpassing analyst expectations of $4.2 billion. The equities trading business emerged as the biggest highlight, generating $6.4 billion in revenue, a 72% surge year over year 鈥?double the growth rate analysts had anticipated.

However, fixed income, currency and commodities (FICC) trading revenue fell 1% year over year to $3.5 billion, falling short of the market's previous expectation of a 7% increase. Investment banking fee income rose 14% year over year to $3 billion, slightly exceeding market expectations.