Goldman Sachs doubles profits in second quarter

17 July 2013

The firm made $1.9 billion in the three months to the end of June, which was up from $927 million a year earlier. This is especially impressive given tough trading conditions and is generally being seen as a surprise.

Most of the earnings were boosted by big returns on its own investments in shares and debts, which generated $1.4 billion in net revenues. A large sum of this money came from its sale of its remaining shares in the Industrial and Commercial Bank of China

With the Federal Reserve saying it will stop its monetary stimulus and begin raising interest rates sooner than anticipated, analysts had expected a less successful quarter for the company.

This is the second solid quarter of growth in a row for Goldman Sachs. In the first three months of the year the firm produced net earnings of $2.3 billion months to March.

By Tony Aynsley

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