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Goldman Sachs Net Income Doubles In Q1

Goldman Sachs Group has reported a net income of $3.29bn, or $5.59 per share for the first quarter of 2010, compared with $1.66bn, or $3.39 per share, for the same period in 2009.

Net revenues in investment banking were $1.18bn, 44% higher than the first quarter of 2009. Net revenues in trading and principal investments were up 43% to $10.25bn.

Net revenues in asset management and securities services decreased 8% to $1.34bn. The operating expenses were $7.62bn, 12% higher than the first quarter of 2009.

The accrual for compensation and benefits expenses was 43% of net revenues for the first quarter of 2010, down from 50% for the first quarter of 2009.

Lloyd Blankfein, chairman and CEO of Goldman Sachs, said: “Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise. While we are encouraged by growth prospects for the economy, we continue to put a premium on strong capital and liquidity levels, and disciplined risk management.

“In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people.”