Goldman Sachs' net surges on investment banking

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Associated Press

Posted on January 16, 2013 at 10:00 AM

Updated Wednesday, Jan 16 at 10:01 AM

NEW YORK (AP) — Goldman Sachs' earnings almost tripled in the fourth quarter as investment banking revenues surged.

The bank earned $2.83 billion after paying preferred dividends, compared with $978 million a year earlier, the company said in a press release Wednesday.

The investment bank earned $5.60 on a per-share basis, compared with the average analysts forecast of $3.71, according to data provider FactSet.

Revenue rose to $9.24 billion, 53 percent higher than in the same period a year ago, beating analysts' estimates of $7.97 billion.

Goldman's stock gained $2.52, or 2 percent, to $138.11 in pre-market trading.

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