Written by Reuters
Tuesday, 14 July 2009 20:46
NEW YORK: Goldman Sachs Group Inc reported an 33 percent rise in quarterly earnings on Tuesday, July 14 as a strong gain in trading was offset by a one-time charge to repay government loans, according to Reuters.
Wall Street's largest surviving investment bank reported net income for common shareholders of US$2.7 billion, or US$4.93 a share, compared with US$2.05 billion, or US$4.58 a share, in the closest year-earlier quarter.
Analysts polled by Reuters Estimates forecast, on average, US$3.49 a share, while those surveyed by First Call predicted earnings per share of US$3.54. It was not immediately clear if the estimates were comparable to the reported figure. The results came in above analysts' consensus forecast.
Goldman shares fell less than 1 percent in electronic premarket trading.
Goldman, the first major U.S. bank to report second-quarter earnings, saw its performance bolstered by improving markets and strong trading results, as well as an upswing in advisory fees.
Gains were tempered by a one-time US$426 million charge related to the repayment of US$10 billion in loans from the U.S. Treasury's Troubled Asset Relief Program, known as TARP. - Reuters