Goldman Sachs has reported net earnings of $2.24bn for the third quarter of 2014, up 47% from $1.52bn a year ago.
For the quarter ended 30 September2014, net revenues jumped to $8.39bn from $6.72bn in the corresponding quarter of 2013.
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The investment management division of the bank generated net revenues of $1.46bn for the third quarter of 2014, 20% higher than the third quarter of 2013.
The increase in net revenues compared with the third quarter of 2013 was primarily due to higher management and other fees, reflecting higher average assets under supervision.
During the quarter, the division’s total assets under supervision increased $8bn to $1.15 trillion. Long-term assets under supervision increased $1bn, including net inflows of $13bn, largely offset by net market depreciation of $12bn, both primarily in equity and fixed income assets, the bank said in its financial statement.
"The combination of improving economic conditions in the U.S. and a strong global franchise continued to drive client activity across our diverse set of businesses," said Lloyd Blankfein, chairman and CEO.
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By GlobalData"While conditions and sentiment can shift quickly, the strength of our transaction backlog indicates our clients’ desire to pursue and execute their strategic plans for growth."
