Goldman Sachs (GS) Reports Second-Quarter Profit More Than Doubles, Easily Beats Wall Street Expectations

 @MikeObelm.obel@ibtimes.com on July 16 2013 7:56 AM

Goldman Sachs Group Inc. (NYSE:GS) on Tuesday reported its second-quarter profit more than doubled on strong investment banking revenue and fixed-income trading.

Profit in the April-to-June period rose to $1.93 billion on revenue of $8.61 billion. Earnings per share climbed to $3.70 from $1.78.

Analysts had expected EPS of $2.82 on revenue of $7.98 billion. 

Revenue from investment banking jumped 29 percent over the year-earlier level but was largely unchanged from the first quarter of this year.

"This increase primarily reflected significantly higher net revenues in debt underwriting, due to leveraged finance activity, and in equity underwriting, primarily reflecting an increase in industry-wide activity," Goldman Sachs said in a statement.

Net revenue in fixed income, currency and commodities client execution jumped 12 percent to $2.46 billion, reflecting significantly higher net revenue in currencies, credit products and commodities. These gains, however, were partially offset by "significantly lower net revenues in mortgages and lower net revenues in interest rate products," the bank said.

 

 

 

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