Goldman Sachs profit soars on global dealmaking frenzy

July 13 (Reuters) – Goldman Sachs Group Inc (GS.N) reported a surge in second-quarter profit on Tuesday as Wall Street’s biggest investment bank cashed in on record global dealmaking activity.

Net earnings applicable to common shareholders rose to $5.35 billion in the three months ended June 30, from $2.25 billion a year earlier.

Earnings per share rose to $15.02 from $6.26 a year earlier. Analysts on average had expected a profit of $10.24 per share, according to the IBES estimate from Refinitiv.

The results were also boosted by a favorable comparison to a year earlier when the bank had set aside more funds to cover potential corporate loan losses due to the coronavirus pandemic.

Reporting by Noor Zainab Hussain in Bengaluru and Matt Scuffham in New York; Editing by Sriraj Kalluvila

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