Goldman Sachs' profit more than doubled in the second quarter, bolstered by higher fees from debt underwriting and a strong performance in its fixed-income trading business.
The bank's earnings in the year-ago quarter were hit by writedowns related to GreenSky, its former fintech business that Goldman has since sold. Revenue from fixed income, currency and commodities trading rose 17%, boosted by FICC financing, which makes loans to institutional investors and others. Equities trading revenue increased 7%.
Investors have supported the move, pushing the Wall Street titan's stock up 24.4% so far this year, compared with rivals Morgan Stanley's 11.6% gain and JPMorgan Chase's 20.5% climb.Goldman' asset and wealth management unit, which manages money on behalf of wealthy and institutional clients, reported 27% higher revenue in the second quarter.
The bank's provisions for credit losses were $282m for the second quarter, compared with $615m a year earlier.
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