Bear Stearns has posted its highest ever quarterly earnings, thanks to a continuing strong performance in fixed income.

The bank made a net profit of $280.4m (€240m) for its second quarter ending May 31, 2003, up 32% on the same period last year and up 2% on the last quarter. Fixed income revenues totalled $765.2m, up 48% on last year but slightly down on the last quarter and accounting for more than half of the bank's total net revenues.