Goldman Sachs profit soars on global dealmaking frenzy

Business

Goldman Sachs Group Inc (GS.N) reported a surge in second-quarter profit on Tuesday as Wall Street’s biggest investment bank cashed in on record global dealmaking activity.

Net earnings applicable to common shareholders rose to $5.35 billion in the three months ended June 30, from $2.25 billion a year earlier.

Earnings per share rose to $15.02 from $6.26 a year earlier. Analysts on average had expected a profit of $10.24 per share, according to the IBES estimate from Refinitiv.

The results were also boosted by a favorable comparison to a year earlier when the bank had set aside more funds to cover potential corporate loan losses due to the coronavirus pandemic.