NEW YORK (dpa-AFX) - Goldman Sachs Group reported Monday that net profit
for the second quarter nearly tripled from last year, reflecting
significantly lower provisions for bad loans and revenue growth
across operating segments.

Both earnings per share and quarterly revenues topped analysts'
expectations. The company also declared a 9% higher quarterly
dividend.

'We are pleased with our solid second quarter results and our overall
performance in the first half of the year, reflecting strong
year-on-year growth in both Global Banking & Markets and Asset &
Wealth Management,' said David Solomon, chairman and CEO.

For the quarter, net earnings applicable to common shareholders
surged to $2.89 billion or $8.62 per share from $1.07 billion or
$3.08 per share in the prior-year quarter.

Provision for credit losses for the quarter more than halved to $282
million from $615 million last year, primarily reflecting lower net
provisions related to the credit card portfolio.

Operating expenses were $8.53 billion for the second quarter, edging
down from last year, reflecting significantly lower impairments
related to consolidated real estate investments, nearly offset by
higher compensation and benefits expenses as well as higher
transaction based expenses.

Net revenues for the quarter grew 17% to $12.73 billion from $10.90
billion in the same quarter last year, reflecting higher net revenues
in Global Banking & Markets and Asset & Wealth Management. Analysts
expected revenue of $11.40 billion for the quarter.

Net interest income increased 33% to $2.24 billion and total
non-interest revenues improved 14% to $10.49 billion from last year.


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