NEW YORK – Goldman Sachs doubled its profit in the second quarter as the financial giant saw surges in investment banking and trading.
The New York-based banking giant said it earned $1.9 billion in the second quarter, up from $962 million the same period a year ago.
Earnings per share of $3.70, up from $1.78 from the second quarter last year, easily beat expectations. Analysts had estimated earnings per share of $2.83, according to data compiled by Thomson Reuters.
“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," Lloyd Blankfein, Goldman's chairman and chief executive, said in a statement. "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.”