ALSO READGoldman posts first quarterly loss in six years on tax hit; trading slumps Goldman Sachs swings to loss on tax charge Citi profit tops estimates; books $22 bln tax charge Citigroup profit beats on strength in consumer banking, equity trading Morgan Stanley tops estimates on underwriting, wealth management
(Reuters) - Goldman Sachs Group Inc reported a 27 percent rise in quarterly profit on Tuesday, driven by a surge in trading revenue due to increased market volatility.
The bank said net income applicable to common shareholders rose to $2.74 billion, or $6.95 per share, for the three months ended March 31 from $2.16 billion, or $5.15 per share, a year earlier. http://bit.ly/2HsRNlS
Like other banks, Goldman's trading desk benefited from increased volatility because of concerns around rising inflation and a potential trade war.
Goldman's trading revenue rose 30.5 percent to $4.39 billion from the year-earlier quarter, when revenue fell 2 percent because of the bank's large exposure to commodities.
Goldman's 23 percent increase in fixed income trading revenue was in sharp contrast to that of larger rivals. JPMorgan Chase & Co's fixed income revenue was flat, while at Citigroup's it fell 7 percent.
Total revenue, including net interest income, rose 25 percent to $10.04 billion.
Goldman's arch rival, Morgan Stanley, is scheduled to report quarterly results on Wednesday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)