US investment giant Goldman Sachs Group reported on Tuesday on the spike in the company’s net profit, which rose by 44 percent in Q2 2018 compared to the same period last year.

Net profit attributed to shareholders rose to $2.35 billion in the second quarter of 2018, up 44 percent compared to $1.6 billion in Q2 2017, the financial report from the bank showed.

Goldman Sachs, the fifth biggest bank in the US, also reported on the appointment of a new Chief Executive, David Solomon, who is to take over from Lloyd Blankfein in October.

The bank’s revenue for the period increased by 19 percent, to $9.4 billion, the highest Q2 revenue in the last nine years, the bank said.

Net revenues in investment banking rose by 18 percent, to $2.05 billion.

Blankfein has been the bank’s Chief Executive for 12 years, and his leaving the position is a part of Goldman Sachs’ attempts to overhaul its businesses in order to boost revenue, after market trends and regulations have slashed the company’s profits in what used to be a lucrative trade business, Reuters reported.

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