Goldman Sachs Group Inc said first-quarter earnings nearly doubled, topping expectations, bolstered by fixed income trading profits.

The results came four days after the Wall Street powerhouse was accused of fraud by the U.S. Securities and Exchange Commission in the structuring and marketing of a debt product tied to subprime mortgages.

In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people, Chief Executive Lloyd Blankfein said in a statement accompanying the earnings report.

Net income for the New York-based bank rose to $3.29 billion, or $5.59 per share, from $1.66 billion, or $3.39 per share, a year earlier.

Analysts on average has forecast $4.01 per share, according to Thomson Reuters I/B/E/S.

There's a dose of reality thrust on investors when they see numbers like these, whatever may have happened in the past few days, said Michael Holland, founder of Holland & Co, which overseas more than $4 billion of assets. People who want to use Goldman for political purposes may be putting parts of the business at risk ... but overall, Goldman has shown with these numbers that they are the best of the best.

Goldman emerged as Wall Street's most influential bank after the financial crisis but has faced a backlash over its pay and business practices.

The bank set aside $5.49 billion for compensation expenses in the first quarter, up from $4.71 billion in the same quarter in 2009, a year in which it reported record profits.

Goldman continued its trading momentum in the first quarter, reporting fixed income, currency and commodities revenue of $7.39 billion, up from $6.56 billion a year earlier.

Net revenue in investment banking was $1.18 billion, up 44 percent from the first quarter of 2009 but down 28 percent from the 2009 fourth quarter. The company noted an industrywide decline in completed mergers and acquisitions.

Goldman shares were up 17 cents to $163.49 in premarket trade. They rose 1.63 percent Monday after tumbling more than 12 percent Friday on news of the SEC charges.

(Reporting by Steve Eder; Additional reporting by Dan Wilchins; editing by John Wallace)