Goldman Sachs, the third- largest U.S. broker, said fourth-quarter profit rose 23% on strong revenue from fixed-income trading and M&A fees.

Net income rose to $1.19 billion, or $2.36 a share, from $971 million, or $1.89, a year earlier. Analysts were expecting $1.19 billion, or $2.32 a share. Net revenue rose 13% to $4.6 billion.