Goldman Sachs Group (GS), the sixth biggest U.S. bank posted Q1’09 earnings of $1.66 billion, a higher-than-expected profit helped by a surge in trading revs that outweighed asset writedowns. Fixed-income trading revenue was a record $6.56 billion, 34% higher than its previous record. The firm also said it plans to raise $5 billion in a share sale.
For the quarter ended February 29, 2008, the company posted net income for common shareholders of $1.47 billion, or $3.23 a share. Analysts had on average expected earnings of $1.49 a share, according to Reuters Estimates.
New York-based Goldman said it planned to use proceeds of its share offering to repay the $10 billion of capital it received from TARP in October after the bankruptcy of Lehman Brothers Holdings Inc (LEHMQ.PK).
