Goldman Sachs posted monster second-quarter profits of $3.44 billion, or $4.93 a share, the U.S. financial giant said Tuesday.

The profits mark a stark turnaround for the firm that received a federal bailout funds rescue, and comes one month after it repaid the $10 million in aid it received, The New York Times reported.

Goldman's profit was lifted by record quarterly revenues of $6.8 billion in fixed its income, currency and commodities unit, the bank said in a statement, adding that its equities business also generated record net revenues.

"While markets remain fragile and we recognize the challenges the broader economy faces, our second-quarter results reflected the combination of improving financial market conditions and a deep and diverse client franchise," Lloyd C. Blankfein, Goldman's chief executive, said in a release.