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Goldman Sachs sees bumper profit Goldman Sachs sees bumper profit
(19 minutes later)
US bank Goldman Sachs has unveiled a profit of $2.72bn (£1.6bn) after a major dividend payment for the April to June period - beating forecasts. US bank Goldman Sachs has unveiled a net profit of $3.44bn (£2.1bn) for the April to June period - beating forecasts from analysts.
It comes after the bank startled Wall Street by reporting it made $1.8bn in the first three months of the year, despite the financial crisis.It comes after the bank startled Wall Street by reporting it made $1.8bn in the first three months of the year, despite the financial crisis.
The firm made a net profit of $3.44bn but paid £771m in dividends to holders of preferential shares. However Goldman paid $771m in dividends to holders of preferential shares, taking actual profit to $2.7bn.
It said it had would $6.65bn in pay and bonuses in the quarter. It said it would set aside $6.65bn for pay and bonuses in the quarter.
Analysts have predicted that the annual payout for its 28,000 staff would near £18bn. Analysts have predicted that the annual payout for its 28,000 staff would near $18bn.
Share risesShare rises
The firm has recently paid back $10bn in federal aid intended to help it steer through the global turmoil. The firm has recently paid back $10bn in government aid intended to help it steer through the global turmoil.
And it also took a one-off charge of £426m related to the repayment of its government loan under the Troubled Asset Relief Programme (Tarp). And it also took a one-off charge of $426m related to the repayment of its government loan under the Troubled Asset Relief Programme (Tarp).
Things are very fragile but they manage to make money in all environments, which is what you're supposed to do William SmithSmith Asset Management
Six months ago, Goldman saw its first quarterly loss since going public in 1999, after being battered by the economic crisis.Six months ago, Goldman saw its first quarterly loss since going public in 1999, after being battered by the economic crisis.
However it said its profit had been buoyed by strength in its trading and underwriting businesses.However it said its profit had been buoyed by strength in its trading and underwriting businesses.
Observers say it has capitalised on turmoil in the markets - making bets in the right direction on commodities and volatile currencies as well as shares.
"Things are very fragile but they manage to make money in all environments, which is what you're supposed to do," said William Smith, chief executive of Smith Asset Management.
"Goldman should be celebrated, not demonized."
Its share price, while still well off its highs, has gained about 75% in 2009.Its share price, while still well off its highs, has gained about 75% in 2009.
The $3.44bn net profit compares with $2.1bn in the three months to May 2008, when it had a different reporting schedule.