 |
|
Goldman Sachs chief for six months of the record breaking year: Henry "Hank" Paulson responds to President George W. Bush Tuesday, May 30, 2006, after the President announced his nomination of the Chairman and Chief Executive Officer of the Goldman Sachs Group to succeed Treasury Secretary John Snow, who announced his resignation. White House photo by Shealah Craighead |
US investment bank Goldman Sachs Group reported today that fiscal fourth-quarter net income rose 93% as the bank finished a record-breaking year with Wall Street's most profitable quarter ever.
The financial services company said earnings for the quarter ended Nov. 24th rose to $3.15 billion, or $6.59 a share, from $1.63 billion, or $3.35 a share, a year earlier. Revenue for the quarter rose 47% to $9.41 billion from $6.40 billion a year earlier.
Revenue from trading and principal investments rose 57% to $6.63 billion from $4.22 billion a year earlier. Investment banking revenue rose 42% to $1.34 billion from $948 million a year earlier, including a 78% gain in underwriting revenue and a 15% gain in financial advisory income.
Operating expenses were up 13% to $4.42 billion from $3.92 billion a year earlier.
Goldman's blowout year as Wall Street's top adviser on corporate mergers and acquisitions have boosted its shares by 57% for the year and have more than tripled since going public at $53 in May 1999. For the fiscal year, the bank posted revenue of $37.67 billion, up 49% from the previous year; net earnings rose to $9.54 billion for the year, a 70% gain from a year earlier.
