Goldman Sachs Group, Inc. (NYSE:GS) on Tuesday reported surprisingly strong first-quarter earnings, up 7.2 percent, on the strength of its investment banking business, as well as its lending operations.

The New York City financial giant said first-quarter profit climbed to $2.26 billion, or $4.29 per share, from $2.11 billion, or $3.92 per share, in the year-earlier quarter.

Revenue rose to $10.9 billion from $9.95 billion a year earlier. Analysts surveyed by Thomson Reuters expected earnings per share of $3.90 earnings on revenue of $9.67 billion.