Goldman Sachs profit beats estimates

NEW YORK, July 16 (Reuters): Goldman Sachs Group Inc reported a higher-than-expected quarterly profit on Tuesday as the Wall Street investment bank benefited from higher equities trading revenues.

The bank said equities trading revenue increased by 6.0 per cent from a year ago to $2.0 billion, the second highest in four years. Goldman said clients were more active than the same period a year ago.

Goldman said it benefited from higher revenues in equities client execution including an improved performance in cash products and derivatives. The bank said clients were more active than in the prior quarter.

However, Goldman's fixed income business suffered another disappointing quarter with net revenue falling by 13 per cent. The bank said that reflected significantly lower net revenue from interest rate products and currencies.