Goldman Sachs Fourth-Quarter Profits Up 93%

Goldman Sachs Group said its fourth-quarter net income rose 93% on investment gains, banking fees and strong trading results.

Net income for the three months ended Nov. 30 rose to $3.15 billion, or $6.59 a share, from $1.63 billion, or $3.35, in the year-ago period.

Net revenue rose 47% to $9.41 billion.

The most recent results included $129 million in non-cash expenses related to stock-based compensation.

Analysts on average had expected Goldman to report a profit of $6.36 a share for the quarter, according to Reuters Estimates. The shares, which reached an all-time high of $206.39 last Thursday, closed Monday at $202.52.

The bank kicked off two weeks of earnings reports from the largest U.S. securities firms, which were expected to rebound from a sluggish third quarter amid robust M&A and leveraged
buyout activity, stock and debt offerings and trading.

Investors have sent Goldman shares up 59% this year, more than four times the 13% advance of the benchmark S&P 500 Index.