NEW YORK (AP) — Goldman Sachs said Tuesday that its quarterly profit rose 5 percent, helped by record results from investment banking.
Second-quarter net income climbed to $1.95 billion from $1.86 billion a year earlier, the bank said early Tuesday. That's after paying dividends on preferred stock.
Analysts had forecast that weak trading revenue would hamper results for Wall Street banks in the second quarter. Goldman's revenue and earnings were expected to shrink.
But the bank said revenue rose 6 percent to $9.13 billion over the year, much better than the $7.97 billion analysts had expected, according to the data provider FactSet.
That was largely thanks to more companies paying Goldman to help them sell stocks and bonds and arrange their initial public offerings known. Goldman reported a record $1.28 billion in underwriting revenue, up 20 percent from the same period a year ago.
On a per-share basis, quarterly earnings were $4.10, handily beating analysts' forecasts of $3.05.
The news sent Goldman's stock up $1.88, or 1.2 percent, to $168.98 in early trading.
In a statement, Goldman's CEO said he was "pleased" with the results.