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Goldman Sachs reports 29% profit increase
Goldman Sachs recorded a 29% rise in its third quarter profits year-over-year, reaching $5.29 billion. This exceed analysts' expectations of $13.50 per share and resulted in net revenues of $18.7 billion, representing a 23% increase. The strong performance was driven by robust trading activities and investment banking services, with trading revenues hitting $9.9 billion, supported by a 96% surge in equity financing revenues. Additionally, investment banking fees increased by 21% to $3.22 billion, with record advisory revenues of $1.65 billion. However, the results were impacted by higher provisions for credit losses, and revenues from certain units declined due to the devaluation of some assets, such as the Apple portfolio. Despite these challenges, the CEO assured that the bank remains well-positioned to continue its services. The bank’s stock rose by nearly 3% before the market open.
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