Goldman Sachs sees profits fall 23%

Goldman Sachs posted a 23% drop in profits in the first quarter of the year but managed to beat analysts' expectations, after a rebound in trading and credit markets boosted its revenue.

The bank - the fifth largest in the US - said first-quarter net income dropped to $2.11 billion from $2.74 billion a year earlier. However, earnings per share jumped from $1.56 a year earlier to $3.92, beating the $3.55 analysts had predicted. Elsewhere the bank also increased dividends by 31% from 35 cents to 46 cents a share.  Chief executive Lloyd Blankfein said: "Stronger global markets, together with the firm's deep and broad client franchise, drove improved results across most of our businesses. "Because client activity remains relatively low in certain areas, especially i...