Goldman Sachs Group Inc. may be facing a political and legal storm over its business practices, but its first-quarter results continued a pattern of trouncing even optimistic expectations.
Goldman, which is mired in controversy after the government filed civil fraud charges that rocked the bank and Wall Street, reported Tuesday that its profit soared 91%, to $3.46 billion, in the quarter. Strong trading results and bond underwriting drove the results.
It reported a profit of $5.59 a share, up from $3.39 a share, a year earlier. Revenue jumped 36%, to $12.78 billion. Analysts surveyed by Thomson Reuters had most recently forecast earnings of $4.01 a share on $11.07 billion in revenue.
The company's total trading and principal investments, which supply most of its revenue, rose 43%, to $10.25 billion. Fixed-income, currency and commodities revenue, which is part of total trading and principal investments, rose 13%.
Analysts during a conference call asked most frequently about the company's legal entanglements. Its co-general counsel Greg Palm said that the investment bank would not intentionally mislead clients and would "be the first" to condemn any employee who violated that credo.