NEW YORK, April 20 (UPI) -- Goldman Sachs Group Inc., facing a lawsuit from U.S. federal regulators and investigations elsewhere, exceeded expectations with its first-quarter earnings.
Goldman Sachs said Tuesday net income was $3.29 billion, nearly double the figure from the same period in 2009. The per share earning was $5.59 a share, well above analysts' expectations of about $4.14 a share
On Friday, the U.S. Securities and Exchange Commission accused the bank of fraud related to subprime mortgages. Tuesday, before the company announced its earnings, U.K. regulator Financial Services Authority said it was investigating Goldman Sachs.
Goldman Sachs previously said it planned to fight the SEC's allegations, which include claims the bank created a collateralized debt obligation that a hedge fund, which helped pick the securities involved, in effect bet against the CDO.
Goldman Sachs shares dropped nearly 13 percent after Friday's SEC announcement but regained about 1.5 percent of value Monday.
The first-quarter earnings occurred well before the SEC allegations were made public. Analysts said it was unclear how the investigations would affect the bank's second-quarter report.
