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MW: Goldman Sachs profit, revenue rise to top estimates
 
Goldman Sachs Group Inc. said second-quarter net income rose 5.5% on strength of its investment banking and investing and lending arms.

Results easily topped the estimates of analysts polled by Thomson Reuters, pushing shares up 1.9% in recent premarket trading.

Goldman GS +1.77% posted net income of $2.04 billion, compared with year-earlier net income of $1.93 billion. Earnings per share--reflecting the payment of preferred dividends--were $4.10, while net revenue rose 6% to $9.13 billion. Analysts expected per-share earnings of $3.05 on revenue of $7.97 billion.

Goldman reported a 10% drop in fixed-income, currencies and commodities trading revenue, to $2.22 billion. The bank’s report comes after Citigroup Inc. on Monday reported its own FICC revenue had dropped 12% in the second quarter, and J.P. Morgan Chase & Co. earlier Tuesday said its FICC revenue was down 15%.

Goldman’s FICC business, a crucial profit engine for more than a decade, had faced headwinds similar to those buffeting rivals. In late May, the firm’s president, Gary Cohn, acknowledged the challenging conditions in an investor presentation. But in June, some debt markets began to show signs of life, giving some analysts and investors hope that strong finish would help rescue Goldman and its peers from disappointing trading quarter.
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