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Goldman Sachs' net rises 5 percent on underwriting

Christina Rexrode, AP Business Writer

FILE - In this Tuesday, Jan. 15, 2013, photo, the lights are on at Goldman Sachs" headquarters, in New York. The Goldman Sachs Group Inc. reports quarterly financial results before the market opens on Tuesday, April 16, 2013. (AP Photo/Mark Lennihan)

NEW YORK (AP) -- Goldman Sachs reported first-quarter results that beat analysts' forecasts thanks to a pickup in stock and bond underwriting.

The bank earned $2.2 billion in the first quarter, up 5 percent from a year ago.

The earnings were equivalent to $4.29 per share. Analysts polled by FactSet had expected $3.90 per share. Revenue was $10.1 billion, up 1 percent from a year ago. That also beat analysts' forecast of $9.7 billion.

In a prepared statement, Goldman's CEO Lloyd Blankfein described the results as "generally solid." He also said the potential for economic instability had "constrained" companies and investors and that the bank would remain focused on controlling costs.

The investment bank underwrote more stock and bond offerings, although revenue from advising companies on mergers and acquisitions fell slightly.

Revenue from investing and lending was up overall, thanks in part to Goldman's sale of some of its stake in the Industrial and Commercial Bank of China.

Revenue from the unit that trades on behalf of customers — usually institutions such as pensions, mutual funds and hedge funds — fell. Revenue from the unit that manages money for clients rose.

Goldman Sachs' stock was little changed in pre-market trading Tuesday at $146.50.