Goldman Sachs Beats Forecasts, Cheers Markets

Nick Parmee

15 July 2009

Goldman Sachs has reported a net profit of $3.44 billion for the second quarter, up from $2.1 billion on 30 May last year, a figure that surpassed market expectations, and net evenue was $13.76 billion in the quarter, up from $9.42 billion, also beating forecasts.

A strong trading performance across every part of the business was offset by a one-time $426 million dividend associated with the repayment of US government support under the Troubled Asset Relief Programme, or TARP, the Wall Street firm said in a statement.

Details relating to wealth management were not separately available, however.

Net revenues in asset management and securities services fell 28 per cent from the second quarter of 2008 to $1.54 billion. Staff levels, meanwhile, fell by 1 per cent in the period, the statement added.