Goldman Sachs profit soars on global dealmaking frenzy

Analysts on average had expected a profit of $10.24 per share. Credit: Reuters Photo

Goldman Sachs Group Inc reported a surge in second-quarter profit on Tuesday as Wall Street's biggest investment bank cashed in on record global dealmaking activity.

Net earnings applicable to common shareholders rose to $5.35 billion in the three months ended June 30, from $2.25 billion a year earlier.

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Earnings per share rose to $15.02 from $6.26 a year earlier. Analysts on average had expected a profit of $10.24 per share, according to the IBES estimate from Refinitiv.

The results were also boosted by a favorable comparison to a year earlier when the bank had set aside more funds to cover potential corporate loan losses due to the coronavirus pandemic.

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