Goldman Sachs (NYSE: GS) booked a 11 percent drop in its second-quarter earnings as revenue from investment banking and lending businesses declined, the New York investment bank said Tuesday.
Goldman had net earnings of $962 million in the April through June quarter, and its earnings per common share were $1.78, down from $1.85 in the year-earlier period. Analysts polled by Thomson Reuters expected $1.16. The bank had revenue of $6.63 billion, a decline of 9 percent from revenue in the year-earlier period but 5.2 percent higher than forecasts of $6.3 billion among analysts polled by Thomson Reuters.
Investment banking revenues slipped 17 percent to $1.21 billion from the year before but rose 4.2 percent from the previous quarter. The company's client servicing business fared well with net revenues of $3.89 billlion, which were 11 percent higher than in the year before, thoiugh 32 percent lower than in March this year. Revenues from core fixed-income business, which includes sales and trading operations, grew 37 percent to $2.19 billion from the year before but shrank 37 percent from the previous quarter.
Shares rose 28 cents to $97.96.