Goldman Sachs’ quarterly profit held steady from a year ago, bucking larger commercial banks that saw earnings plummet as the coronavirus tore through the US economy.

The bank’s profit of $2.4bn, or $6.26 per share, was far better than expected and reflects a flood of corporate fundraising and torrid trading markets, offset slightly by higher reserves for expected loan defaults in what is expected to be a sustained and deep recession. Quarterly revenue was the second-highest on record at $13.3bn, a sign that Goldman—with a smaller lending footprint than giant commercial banks—has weathered this leg of the storm in better shape than rivals.