U.S. investment banks Goldman Sachs Group Inc. and Morgan Stanley turned in strong second quarters, with profits rising 71% and 103%, respectively.

Goldman Sachs. on Tuesday said quarterly profit rose to $1.19 billion, or $2.31 per share, from $695 million, or $1.36 per share, a year earlier, a jump of 71% as its fixed-income unit produced strong results. Earnings beat the average estimate of $1.95 per share among analysts polled by Reuters Estimates. All figures are in U.S. dollars.

Morgan Stanley said net income more than doubled to $1.22 billion, or $1.10 per share, from $599 million, or $0.55 per share, a year ago. Analysts had expected net income of $1.05 a share.

On the revenue side, Goldman Sachs said revenue rose 28% to $7.68 billion from $5.99 billion a year earlier but was down from $7.91 billion in the first quarter of this year. Revenue from trading and principal investments, including trades that Goldman Sachs makes with its own capital, was $3.63 billion, up 35% from a year earlier but down 12% from the first quarter of this year. Revenue from the fixed income, currency and commodities unit, which has lead the firm’s revenue growth in recent years, rose 15% from a year earlier to $1.89 billion but declined 10% from the first quarter of 2004. Net revenue in equities trading totaled $351 million, down 21% from a year earlier and down 63% from the first quarter of this year.

Revenue for Morgan Stanley’s second quarter rose 32% from the same period last year to $6.7 billion. Revenues from fixed income sales and trading rose by 43% to $1.8 billion form last year’s second quarter, while revenue from sales and trading of equities rose by 29% to $1.1 billion. Revenue earned from advising companies on mergers and acquisitions, one of its most lucrative businesses, rose by 130% to $324 million.