(Reuters) – Goldman Sachs Group Inc (GS.N) reported a 27 percent rise in quarterly profit on Tuesday, driven by a surge in trading revenue due to increased market volatility.

The bank said net income applicable to common shareholders rose to $2.74 billion, or $6.95 per share, for the three months ended March 31 from $2.16 billion, or $5.15 per share, a year earlier.

Analysts on average had expected earnings of $5.58 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

Like other banks, Goldman’s trading desk benefited from increased volatility because of concerns around rising inflation and a potential trade war.

Goldman’s trading revenue rose 30.5 percent to $4.39 billion from the year-earlier quarter, when revenue fell 2 percent because of the bank’s large exposure to commodities.

Goldman’s 23 percent increase in fixed income trading revenue was in sharp contrast to that of larger rivals. JPMorgan Chase & Co’s (JPM.N) fixed income revenue was flat, while at Citigroup’s (C.N) it fell 7 percent.

Total revenue, including net interest income, rose 25 percent to $10.04 billion.

Goldman’s arch rival, Morgan Stanley (MS.N), is scheduled to report quarterly results on Wednesday.