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Investing.com – Goldman Sachs (NYSE:GS) stock was trading higher by 1.5% in Tuesday’s premarket as the bank raised its dividend after beating forecasts with its second-quarter earnings and revenue.
For the three-month period ended June 30, the financial services giant posted diluted earnings per share of $15.02 on revenue of $15.39 billion, beating estimates that saw EPS at $9.96 and revenue at $12.4 billion.
The Wall Street firm raised its quarterly dividend by 60% to $2 per share.
A booming market for share sales including initial public offerings as well as heightened M&A activity, both of which brought handsome fee income, contributed to the bank’s profit.
Net revenues in investment banking were $3.61 billion for the second quarter of 2021, 36% higher than a year earlier.
A booming equity market also boosted business at its asset management division which saw net revenue more than double from a year ago to $5.13 billion.
Revenue from trading businesses suffered though as the volatility-driven boost in earlier phases of the pandemic waned amid a market looking for calmer times. Net trading revenue came down by more than a third to $4.90 billion from $7.58 billion in the first quarter of 2021.
