Goldman Sachs reports 94% rise in quarterly profit as bond trading surges

Bond trading revenue surged 49% to $2.5 billion, while equities trading rose 10% to $2.05 billion.

Goldman Sachs Group Inc reported a 94 per cent rise in quarterly profit on Wednesday that swept past estimates, driven by strength in its bond trading business and lower provisions for credit losses.

With a 29 per cent jump in trading revenue, Goldman easily outperformed rivals JPMorgan Chase & Co and Citigroup Inc as financial market volumes broke records in a recovery from a coronavirus-led selloff.

Bond trading revenue surged 49 per cent to $2.5 billion, while equities trading rose 10 per cent to $2.05 billion.

The bank’s net earnings applicable to common shareholders surged to $3.5 billion in the