Goldman Sachs reveals profits increase

<p>Profits at Goldman Sachs are up by seven per cent.</p>

Goldman Sachs has confirmed its profits are up by seven per cent, supported by a strong performance in the investment banking division of the company.

It was announced by the firm that it made $2.26 billion (£1.47 billion) net profits during the first three months of the year, which is a seven per cent rise on the same period last year.

Lloyd C Blankfein, chairman and chief executive of Goldman Sachs, proclaimed himself pleased with the financial results for the opening quarter of 2013.

"Our strong client franchise across our businesses drove generally solid results," he said, adding: "Still, the potential for macro-economic instability was felt in the quarter and constrained overall corporate and investor activity."

At 16:30 BST, shares in Goldman Sachs were trading for 144.04 on the Nasdaq index in the US, which is a fall of 1.66 per cent on the start of the day.

However, stocks in the company remain close to a 52-week high for the firm.

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