Goldman Sachs Group has posted net earnings of $5.38bn for the third quarter of 2021, a surge of more than 60% compared to $3.36bn a year ago.

For the third quarter ended 30 September 2021, the banking giant reported net revenues of $13.61bn, which represents an increase of 26% over last year.

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The firm posted a diluted earnings per common share (EPS) of $14.93 for the third quarter 2021 as against $8.98 a year ago.

In third-quarter 2021, the investment banking unit of Goldman Sachs recorded $3.70bn in net revenues, a jump of 88% compared to the same period of last year.

The increase was attributed to significantly higher net revenues in financial advisory, underwriting and corporate lending.

Net revenues at the asset management unit plummeted 18% to $2.28bn due to lower net revenues in Equity investments. It was also impacted by lower net revenues in Lending and debt investments while the incentive fees were higher.

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Goldman Sachs’ consumer and wealth management unit generated $2.02bn of net revenues in the quarter, up 35% year-on-year.

Net revenues in wealth management were $1.64bn, a surge of 40% compared to the third quarter of 2020.

Goldman Sachs chairman and CEO David Solomon said: “The third quarter saw strong operating performance and an acceleration of our investment in the growth of Goldman Sachs.

“We announced two strategic acquisitions in our Asset Management and Consumer businesses which will enhance our scale and ability to drive higher, more durable returns. Looking forward, the opportunity set continues to be attractive across all of our businesses and our focus remains on serving our clients and executing our strategy.”