Net income applicable to common shareholders jumped to $2.16 billion in the first quarter ended 31 March, from $1.2 billion a year earlier.
Goldman reported earnings of $5.15 per share, below the consensus forecast of $5.31 per share.
However, the bank still failed to meet Wall Street expectations.
The Average Earnings Estimate for the Current Fiscal quarter is $3.98 per share, according to consensus of 23 analysts.
Revenue during the quarter grew 26.63 percent to $8,026 million from $6,338 million in the previous year period. While this was almost double that of the year-ago quarter, it fell well-below our Zacks Consensus Estimate of $5.38 per share. In last year's first quarter, the firm reported $2.68 per share in earnings and $6.34 billion in revenue. Oil prices were also trading at years-low volatility levels.But the lack of volatility did not hurt competitors and management had a hard time clarifying what went wrong at Goldman Sachs. Alpha Cubed Investments LLC now owns 4,850 shares of the investment management company's stock valued at $782,000 after buying an additional 15 shares during the last quarter.
In other Goldman Sachs Group news, EVP John F.W. Rogers sold 32,325 shares of the company's stock in a transaction that occurred on Wednesday, February 15th. On a conference call with analysts, Goldman's newly appointed finance chief, R. Martin Chavez, said that while markets improved during the quarter, a lack of volatility meant clients were trading less. During the same period a year ago, the company posted $4.68 EPS. The Return on Equity (ROE) and Return on Investment values are 9.4 percent and 1.3 percent respectively.
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As of 1338 GMT shares in the lender were down by 2.77% to $220.0 in pre-market trading. Chicago Partners Investment Group LLC raised its position in shares of Goldman Sachs Group by 0.4% in the third quarter.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Goldman Sachs said its investment-banking backlog decreased from the fourth quarter and last year's first quarter.
However, its net income nearly doubled to $2.26 billion, or $5.15 a share, from $1.14 billion, or $2.68 a share a year earlier.
Pressed by analysts about Goldman Sachs' client mix, Chavez said that some rivals have a bigger corporate client base, as they have larger lending books and bigger financing units.
Investment Banking stood out as the big victor in Q1.