Goldman Sachs has announced a higher-than-expected 28 per cent rise in profits for the first quarter. The Wall Street bank reported a net income of $4.1bn, up from the $3.2bn reported during the same period last year. This figure exceeded the expectations of financial analysts by nearly $1bn, according to data compiled by Bloomberg.
Goldman’s performance was largely attributed to the bank’s strong showing in its trading business. Revenues in both its equity and fixed-income trading departments soared by 10 per cent, outpacing gains reported last week by competitors such as JPMorgan and Citi.
