Goldman Sachs doubled its profits in the second quarter as the bank benefited from gains in fixed income, currency and commodity trading revenue.

The Wall Street giant set out its latest quarterly earnings Tuesday morning announcing net income of $1.93bn, compared with $962m a year earlier. Net revenue, including net interest income, rose 30% to $8.61bn from $6.6bn last year.

The bank said it had set aside $3.7bn for compensation and benefits – including bonuses – in the second quarter, 27% higher than the second quarter of 2012. Goldman said the increase reflected "a significant increase in net revenues".

"The firm's performance was solid especially in the context of mixed economic sentiment during the quarter," said Lloyd Blankfein, chairman and chief executive officer. "Improving economic conditions in the US drove client activity and the strength of our global client franchise allowed us to deliver positive performance across a number of our businesses. While the operating environment has shown noticeable signs of improvement, we continue to put a premium on disciplined risk management, particularly in regard to the firm's strong capital and liquidity levels."

Revenue from fixed income, currency and commodity trading totaled $2.46bn in the second quarter, versus $2.19bn a year earlier. Total equities revenue was $1.85bn, compared with $1.7bn a year earlier and $1.92bn in the first quarter.

Goldman Sachs ranked first worldwide in investment banking in the quarter. Net revenues in investment banking were $1.55bn, 29% higher than the second quarter of 2012 and essentially unchanged compared with the first quarter of 2013. Net revenues in financial advisory were $486m, slightly higher than the second quarter of 2012. Net revenues in the firm's underwriting business were $1.07bn, 45% higher than the second quarter of 2012.

Net revenues in investment management were $1.33bn, essentially unchanged compared with the second quarter of 2012 and the first quarter of 2013. Net revenues in investing and lending were $1.42bn for the second quarter of 2013.