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Last Updated: Tuesday, 13 June 2006, 15:08 GMT 16:08 UK
Goldman unveils surge in profits
File with Goldman Sachs written along spine
Goldman managed to avoid recent volatility on global markets
Profits at US investment bank Goldman Sachs more than doubled in the second quarter of the year.

Record investment banking and trading revenue pushed profits to $2.31bn (1.26bn) in the three months to 26 May from $865m at the same time last year.

Net revenues beat analyst expectations, surging to $10.1bn from $4.81bn last time. Analysts had feared volatility in global markets would hit the firm.

Goldman also got a one-off gain of $700m from selling a US power plant.

"We have continued to benefit from the strength, breadth and depth of our client franchise," chief operating officer Lloyd C Blankfein said in a statement.

"Recent market volatility has served as a reminder of the vital importance of investor confidence to the smooth functioning of the global financial system, but we take comfort from the continuation of strong global economic growth," he added.

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