 Goldman is outperforming rivals and is optimistic about the future |
Wall Street heavyweight Goldman Sachs has reported a better-than-expected 83% jump in quarterly profits, boosted by investment banking and trading revenue. Net profit in the three months ending 31 August almost doubled to $1.62bn from $879m a year earlier. Sales were $7.3bn compared with $4.53 in 2004.
Goldman is outperforming rivals and its shares rose 1% in New York trade.
Banks are benefiting from an improved US economy and a rebound in investor and corporate confidence.
Across the firm
"During the third quarter, we saw increasing activity levels across all of our major businesses and believe overall market conditions support a generally optimistic outlook," said Goldman boss Henry Paulson.
Earnings from bonds, commodities and currencies climbed by 41% in the company's third quarter to a record $2.6bn.
Share trading and commission revenues jumped 75% to $1.6bn.
The company also topped the banking league tables in merger and acquisition deals, earning $559m in fees.
Goldman's shares added $1.16 to $119.44 during early trading in New York.
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