Goldman reports 26 percent surge in profits, helped by taxes

FILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. The Gol

NEW YORK (AP) — Investment bank Goldman Sachs is reporting that its first quarter profits rose by 26 percent, helped by a lower tax bill and a surge in market volatility.

Goldman earned $2.83 billion, or $6.95 a share, compared with $2.26 billion, or $5.15 a share, in the same period a year earlier. The results topped analysts' forecasts, who were looking for Goldman to earn $5.58 a share, according to FactSet.

Revenue increased across its businesses, but most notably in trading, which saw net revenues rise 31 percent from a year earlier. Goldman also said its tax bill will be sharply lower this year, which helped boost its results as well.