Goldman reports 1Q profit of $1.7B

Goldman Sachs Group Inc. has beat Wall Street's earnings expectations, reporting profit of $1.7 billion during the first three months of this year. It's another sign that banks may be turning themselves around. The bank, considered one of the strongest banks amid the credit crisis, also says it plans to raise $5 billion in a public offering to help it pay back government bailout funds. The New York-based bank earned $3.39 per share, surpassing analysts' forecast for profit of $1.64 per share for the quarter. Goldman reported first-quarter earnings of $1.5 billion, or $3.23 per share, during its fiscal first quarter in 2008, which ended Feb. 29 of that year.