The investment bank Goldman Sachs in New York reported a significant increase in profit for the second quarter. The company's profit amounted to $6.4 billion, an 84 percent increase over last year, while revenue grew by 39 percent to reach $20.3 billion.
The strong financial results presented on Tuesday were driven by activity in the trading business and increased income related to underwriting and mergers. Goldman demonstrated growth in almost all segments of its global banking and markets division.
The equities sector was particularly strong, with revenue jumping by 72 percent to $7.4 billion. Furthermore, the firm received 'significantly higher' income in fixed income, as well as 'higher' net income from mortgages and 'slightly higher' income in the currency segment.
Advisory fees increased due to initial and secondary public offerings, debt underwriting, and completed mergers and acquisitions. Chief Executive Officer David Solomon forecasts continued positive momentum, noting that 'given what we see in our pipelines, we expect the wheel of activity to keep turning.'
Following the release of the report, Goldman Sachs shares rose by 2.3 percent in pre-market trading.
