Goldman Sachs posted a near-doubling of second-quarter profit as a broad rally in trading revenue propelled the Wall Street bank to its strongest quarterly performance in years. Net earnings rose to $6.4 billion, or $20.98 per share, up from $3.47 billion a year earlier, while total revenue climbed 39% to $20.34 billion.
Equities trading drove the gains, with revenue from stock-market activities reaching $7.42 billion, a 72% jump from a year ago. Fixed-income, currencies and commodities trading also advanced, generating $4.59 billion in revenue.
Credit-loss provisions fell 73% to $102 million, reflecting a benign lending environment. The board raised the quarterly dividend 11% to $5 per share, payable Sept. 29.