Goldman Sachs profits double in second quarter

Suzie Neuwirth

GOLDMAN Sachs today announced that its profits had more than doubled in the second quarter, thanks to higher revenues from debt underwriting and investments.

The New York-headquartered bank reported net earnings of $1.93bn (£1.28bn) for the period, with earnings per share up to $3.70 compared with $1.78 year-on-year.

Debt underwriting produced record quarterly revenues of $695m.

“The firm’s performance was solid especially in the context of mixed economic sentiment during the quarter,” said chairman and chief executive Lloyd C. Blankfein.

“Improving economic conditions in the U.S. drove client activity and the strength of our global client franchise allowed us to deliver positive performance across a number of our businesses.

“While the operating environment has shown noticeable signs of improvement, we continue to put a premium on disciplined risk management, particularly in regard to the firm’s strong capital and liquidity levels.”