Goldman Sachs Beats Expectations with Q2 Profit Surge

Goldman Sachs' second-quarter profit more than doubled, driven by strong debt underwriting and fixed-income trading. Earnings of $3.04 billion exceeded analysts' forecasts, bolstered by resilience in the U.S. economy. Although the beat was narrower than earlier quarters, the bank saw growth in investment banking and asset management. Credit card ventures showed mixed outcomes.

Goldman Sachs has reported a significant profit boost in the second quarter, more than doubling its earnings thanks to strong debt underwriting and fixed-income trading. The firm's $3.04 billion in earnings outpaced analysts' projections, reflecting confidence in the resilient U.S. economy.

According to CEO David Solomon, the quarterly performance marks solid year-on-year growth in both Global Banking & Markets and Asset & Wealth Management. However, the margin of outperformance was narrower than in the prior two quarters, with shares showing marginal gains in premarket trading.

Investment banking fees were notably robust, increasing by 21% to $1.73 billion, with fees from M&A advising and underwriting also seeing significant increases. Goldman is refocusing on its traditional investment banking and trading strengths, a move supported by staunch investor backing, which has pushed the stock up 24.4% this year.

(With inputs from agencies.)