Goldman Sachs doubles net income from last year

Goldman Sachs doubles net income from last year.

Despite the market volatility that rocked Wall Street at the end of last month, Goldman Sachs laughed all the way to the bank with $1.93 billion in net income for the second quarter of 2013 – overshadowing Analyst forecasts and more than doubling its result for the same period last year.

Goldman Sachs reported in a statement on Tuesday that revenues for the three months to July jumped 23% to $8.61 billion, higher than expected profit equating to earnings per share of $3.70. Today’s results will likely add to an improving mood on Wall Street.

Goldman Sachs’ stock has risen about 28% so far this year, in part thanks to rebounding markets.

Meanwhile, both Citigroup and JPMorgan Chase have also triumphed second-quarter earnings expectations, on the back of higher revenues from trading and investment banking.

Goldman Sachs Chairman and Chief Executive Officer, Lloyd Blankfein, commented that ‘the firm’s performance was solid especially in the context of mixed economic sentiment during the quarter’.

“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”, he added.

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