Goldman Sachs stock boosted by soaring profits

Goldman Sachs (NYSE:GS) stock traded higher on Monday after the American bank showed strong quarterly financials, with profit jumping 150% compared to this time last year.

Net income came in at $3.04 billion, or $8.62 per share which was comfortably better than the $8.34 forecast by analysts. Revenues for the quarter reached $12.73 billion, up 17% from last year.

The bank pointed to a strong performance in debt underwriting, fixed-income trading, and asset management. Meanwhile, investment banking fees rose 21% to $1.73 billion, and, fees from mergers and acquisitions advisory business grew by 7%.

Goldman Sachs chief executive David Solomon said that the bank is benefitting from a resurgence in capital markets and M&A activity.

In New York, Goldman shares were up $9.78 or 2.04% changing hands at $489.66.