New York (CNN Business) The stock market surged during the first three months of 2019. But that wasn't enough to boost profits -- or company bonuses -- at Goldman Sachs.

Goldman Sachs GS reported Monday that its net income fell 20% during the first quarter compared with a year ago.

Chairman and CEO David Solomon said in a statement that he was pleased with the performance despite what he called a "muted start to the year."

Although earnings topped Wall Street's forecasts, revenue fell 13% to $8.8 billion and missed analysts' consensus estimates of $9 billion.

Goldman Sachs posted a steep decline in revenue from underwriting initial public offerings as well as a slide in revenue from stock trading and investment management fees.

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