Goldman Sachs has posted a net income of $2.45bn for the third quarter of 2018, a jump of 21% compared to $2.03bn in the year-ago period.
For the quarter ended 30 September 2018, the banking major posted net revenues of $8.65bn, an increase of 4% compared to $8.32bn in the parallel quarter of 2017.
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The company in its earnings statement noted that the quarterly revenues were powered by its Investment Banking and Investment Management businesses.
High net revenues in Financial Advisory and Underwriting powered the group’s quarterly net revenues of its Investment Banking division to $1.98bn, which is 10% more than the third quarter of 2017.
Net revenues in Financial Advisory were $916m, essentially unchanged compared to the year-ago quarter. Net revenues in Underwriting were $1.06bn, 20% higher than the third quarter of last year.
Net revenues in Institutional Client Services were $3.1bn, unchanged compared with the third quarter of 2017.
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By GlobalDataNet revenues in Fixed Income, Currency and Commodities (FICC) Client Execution were $1.31bn, down 10% compared with the year-ago period.
Net revenues in Equities were $1.79bn, an increase of 8% compared to the third quarter of 2017, primarily due to higher net revenues in equities client execution.
Commenting on the performance, Goldman Sachs CEO David Solomon said: “We delivered solid results in the third quarter driven by contributions from across our diversified client franchise.
“Year-to-date earnings per share is the highest in our history and year-to-date return on equity is the highest in nine years, notwithstanding our continued investment in growth opportunities. We remain well positioned to continue delivering for our clients and shareholders.”
