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Goldman Sachs reports dip in 2nd quarter profits

AFP  |  New York 

Goldman Sachs reported a dip in second-quarter profits Tuesday due to declines in trading and debt underwriting, although the results topped analyst expectations.

Net income was USD 2.2 billion, down 6.4 per cent from the year-ago period. Revenues dropped 1.8 per cent to USD 9.5 billion.

Goldman suffered from a decline in fixed income, currency and community trading, a weakness at other large banks.

Financial advisory revenues also fell due to lower merger and acquisition activity compared with the year-ago period. Debt underwriting revenues also fell.

On the upside, Goldman notched higher revenues in its investing and lending division due to gains in public equities.

The results are among the first from large banks against a backdrop of uncertainty over international trade and an anticipated loosening of monetary policy, with the Federal Reserve expected to cut interest rates later this month.

"We're encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients," said chief executive David Solomon in a statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 16 2019. 18:16 IST