NEW YORK, Oct 14 — Goldman Sachs reported higher third-quarter profit yesterday that topped analyst estimates even as activity moderated from the booming prior quarter.
Profit at the New York financial heavyweight during the July-September period was US$5.1 billion (RM20.84 billion), up 33 per cent from the year-ago level but down 20 per cent from the second quarter.
Revenue rose 23 per cent to US$18.7 billion.
Like rival JPMorgan Chase, which reported earlier yesterday, Goldman saw muted activity in some parts of its markets business, such as fixed income, currency and commodities, where revenues were “essentially unchanged,” the firm said in a press release.
But net revenue in equities trading soared 72 per cent from the year-ago level.
Goldman also scored higher investment banking fees, citing increases in completed mergers and an elevated level of initial public and secondary equity offerings.
But Goldman said its investment banking fees backlog decreased compared with the end of the second quarter.
Chief Executive David Solomon praised the results in light of “the backdrop of a complicated operating environment,” according to a press release.
“Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients,” Solomon said.
Goldman shares rose 2.9 per cent in pre-market trading. — AFP
