Goldman Sachs has eclipsed JP Morgan to post the strongest year-on-year growth in fixed income trading among Wall Street's biggest banks in the third quarter, as it followed rival banks in benefiting from a surge in rates business.

Across Goldman's businesses, total net revenues were 19% higher than a year ago, at $8.2 billion, while net profits surged 58% to $2.1 billion, the highest since the first three months of 2015, according to analysis of the bank's previous results.