Amidst one of the worst quarters to befall Wall Street in years, Goldman Sachs Group Inc. reported record earnings.
A 2% increase in net income to brought company earnings to $3.22 billion, or $7.01 per share, in the quarter ended Nov. 30, compared to $3.15 billion, or $6.59 per share during the year-ago period.
The New York-based financial services company attributed the hike to a sharp increase in revenues from investment banking and the equities business.
Analysts surveyed by Thomson Financial projected a profit of $6.87 per share.
Total investment banking revenue increased 47% to $1.97 billion on increased client activity.
Revenue from the equities business increased 22% to $2.59 billion on higher trading volumes.
Net revenue in trading and principal investments were up 4% to $6.93 billion, including a 6% increase in the fixed income, currencites and commodities trading group.
Goldman’s results follow those of New York-based Lehman Brothers Holdings Corp., which last week reported that its fiscal fourth-quarter profit fell 11% but surpassed expectations (InvestmentNews, Dec. 13) .