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Goldman Sachs's quarterly profit rises 5 percent, helped by record investment banking results

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FILE - In this Aug. 19, 2013, file photo, stock traders work at the Goldman Sachs post at the New York Stock Exchange in New York. Goldman Sachs Group Inc. reports quarterly earnings on Tuesday, July 15, 2014. (AP Photo/Mark Lennihan, File) (The Associated Press)

Goldman Sachs said Tuesday that its quarterly profit rose 5 percent helped by record results from investment banking.

Second-quarter net income rose to $1.95 billion from $1.86 billion a year earlier, the bank said early Tuesday. That's after paying dividends on preferred stock.

Revenue increased 6 percent to $9.13 billion over the year. That was much better than the $7.97 billion analysts had expected, according to the data provider FactSet. Goldman reported a record $1.28 billion in revenue for helping companies sell stocks and bonds, up 20 percent from the same period a year ago.

On a per-share basis, quarterly earnings were $4.10, handily beating analysts' forecasts of $3.05.

Analysts had expected weak revenue from trading stock and bonds to hamper the New York investment bank's results.

Compensation, the bank's biggest single cost, was $3.9 billion, up 6 percent from the year before.

Goldman's stock climbed $3.18, or 2.5 percent, to $170.25 in premarket trading.