Goldman Sachs has reported a net income of $2.35bn for the second quarter of 2018, a jump of 44% compared to $1.63bn reported in the previous year.

The banking group’s net revenues for the quarter ended 30 June 2018 were $9.4bn, an increase of 19% from $7.88bn in the corresponding quarter of 2017.

The bank’s net provisions for litigation and regulatory proceedings were $148m, versus $22m last year.

Net revenues in the group’s Investment Management division were $1.84bn, a 20% surge from the previous year. The group attributed the rise to higher incentive fees.

Assets under supervision at the Investment Management arm totalled $1.51 trillion at the end of June 2018.

Net revenues in Institutional Client Services unit were $3.57bn for the second quarter of 2018, an increase of 17% from last year.

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By GlobalData

Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.68bn, a 45% surge from a year ago.

Goldman Sachs chairman and CEO Lloyd Blankfein said: “Solid performance across all of our major businesses drove the strongest first-half returns in nine years. With a healthy economic backdrop and deep client franchises, the firm is well-positioned to invest in attractive opportunities to meet the needs of our clients and continue to generate earnings growth.”

Meanwhile, the bank appointed David Solomon as its new CEO, with effect from 1 October 2018.

Blankfein, who has been serving as chairman and CEO since 2006, will remain in the role of chairman until the end of 2018.

Solomon will assume the role of senior chairman following Blankfein’s retirement.

“David is the right person to lead Goldman Sachs. He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the center of our strategy,” Blankfein stated.

Currently the bank’s president and COO, Solomon joined Goldman Sachs in 1999. He previously served as the global co-head of the bank’s investment banking arm.