Goldman Sachs quarterly profit surges

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NEW YORK, Sept 20 (Reuters) Goldman Sachs Group Inc said on Thursday that quarterly earnings surged 79 percent as revenue from investment banking and trading increased despite turbulent summer markets.

New York-based Goldman said net income rose to NEW YORK, Sept 20 (Reuters) Goldman Sachs Group Inc said on Thursday that quarterly earnings surged 79 percent as revenue from investment banking and trading increased despite turbulent summer markets.

New York-based Goldman said net income rose to $2.85 billion, or $6.13 a share, in the fiscal third quarter ended Aug. 31, from $1.59 billion, or $3.26 a share, a year earlier. Net revenue rose 63 percent to $12.3 billion.

Goldman's results follow those of rivals Lehman Brothers Holdings Corp and Morgan Stanley, which reported lower quarterly earnings this week but inspired different reactions. Financial shares rallied after Lehman beat expectations, only to drop when Morgan's credit losses were bigger than feared.

Goldman shares fell 12 percent over the past three months amid worries that the credit crunch would fuel losses and drive down earnings. The shares have rebounded in recent weeks as those fears abated. They closed Wednesday at $200.57.

Goldman's earnings benefited from its sale of Horizon Wind Energy LLC to Energia de Portugal for $2.74 billion.

REUTERS PBB GC1745 .85 billion, or .13 a share, in the fiscal third quarter ended Aug. 31, from .59 billion, or .26 a share, a year earlier. Net revenue rose 63 percent to .3 billion.

Goldman's results follow those of rivals Lehman Brothers Holdings Corp and Morgan Stanley, which reported lower quarterly earnings this week but inspired different reactions. Financial shares rallied after Lehman beat expectations, only to drop when Morgan's credit losses were bigger than feared.

Goldman shares fell 12 percent over the past three months amid worries that the credit crunch would fuel losses and drive down earnings. The shares have rebounded in recent weeks as those fears abated. They closed Wednesday at 0.57.

Goldman's earnings benefited from its sale of Horizon Wind Energy LLC to Energia de Portugal for NEW YORK, Sept 20 (Reuters) Goldman Sachs Group Inc said on Thursday that quarterly earnings surged 79 percent as revenue from investment banking and trading increased despite turbulent summer markets.

New York-based Goldman said net income rose to $2.85 billion, or $6.13 a share, in the fiscal third quarter ended Aug. 31, from $1.59 billion, or $3.26 a share, a year earlier. Net revenue rose 63 percent to $12.3 billion.

Goldman's results follow those of rivals Lehman Brothers Holdings Corp and Morgan Stanley, which reported lower quarterly earnings this week but inspired different reactions. Financial shares rallied after Lehman beat expectations, only to drop when Morgan's credit losses were bigger than feared.

Goldman shares fell 12 percent over the past three months amid worries that the credit crunch would fuel losses and drive down earnings. The shares have rebounded in recent weeks as those fears abated. They closed Wednesday at $200.57.

Goldman's earnings benefited from its sale of Horizon Wind Energy LLC to Energia de Portugal for $2.74 billion.

REUTERS PBB GC1745 .74 billion.

REUTERS PBB GC1745

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