Goldman Sachs has posted net income of $2.1bn for the third quarter of 2016, a jump of 58% compared to $1.33 posted a year ago. Diluted earnings per common share were $4.88 compared with $2.90 a year ago.
Net revenues for the quarter ended 30 September 2016 were $8.17bn, a rise of 19% from $6.86bn in the corresponding quarter of 2015. The company’s net provisions for litigation and regulatory proceedings dropped to $46m from $416m a year ago.
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Net revenues in Investment Management unit stood at $1.49bn during the third quarter of 2016, a rise of 4% compared to the third quarter of 2015. Management and other fees were essentially unchanged compared to the last year. The unit’s total assets under supervision increased $37bn to $1.35 trillion during the quarter.
Net revenues in Institutional Client Services division were $3.75bn, a surge of 17% from the third quarter of 2015. Net revenues in Fixed Income, Currency and Commodities Client Execution jumped 34% year-on-year to $1.96bn, while net revenues in Equities increased 2% to $1.78bn.
Goldman Sachs chairman and CEO Lloyd Blankfein said: "We saw solid performance across the franchise that helped counter typical seasonal weakness. We continue to manage our balance sheet conservatively and are benefiting from the breadth of our offerings to clients.”
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