April 15 (Reuters) – Goldman Sachs (GS.N), opens new tab profit rose 28% in the first quarter, buoyed by a recovery in debt underwriting and dealmaking that boosted its investment banking unit, it reported on Monday.
Profit rose to $4.13 billion, or $11.58 per share, for the three months ended March 31, compared with $3.23 billion, or $8.79 per share, a year ago.
“We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders,” CEO David Solomon said.
Executives at rivals JPMorgan Chase (JPM.N), opens new tab and Citigroup (C.N), opens new tab cited improving conditions for dealmaking on Friday when the lenders reported profits that beat market expectations.
Shares rose 3% before the bell. They have climbed about 1% so far this year compared with a nearly 8% drop for rival Morgan Stanley (MS.N), opens new tab.
As a leading advisor for mergers and acquisitions, Goldman has advised on some of last year’s biggest deals, including Exxon Mobil’s (XOM.N), opens new tab $60 billion purchase of Pioneer Natural Resources.
Source: REUTER
