The American investment bank Goldman Sachs reports an unexpectedly large profit and revenue increase for the second quarter of the year. The stock is trending upward in futures trading on Wall Street following the report.
Both stock trading and bond trading generated more revenue than analysts had anticipated.
The revenue from the so-called investment business – which includes advisory work, mergers, acquisitions, and IPOs – was, however, unusually lower than that of arch-rival JP Morgan's revenue from the same type of deals.
The net profit more than doubled compared to last year's, reaching 2.9 billion dollars or 8.62 dollars per share. During the second quarter last year, the profit was 1.1 billion dollars or 3.08 dollars per share.
The turnover for the quarter increased to 12.7 billion dollars, up from 10.9 billion – which was also better than expected.
Prior to the report, Goldman Sachs' stock had risen by 24 percent since the beginning of the year to Friday's historically high closing price of nearly 480 dollars per share.
