The Goldman Sachs Group, Inc. (GS) released its Q3 earnings this week, performing much ahead of Wall Street’s estimates.
Some key earning highlights:
- An EPS of $9.68 versus reported versus $5.57 expected.
- Net revenue of $10.78 billion was reported versus $9.45 billion estimated.
- Trading revenues stood at $4.55 billion, an increase of 29% from the same period a year ago.
- Bank’s Fixed Income, Currency, and Commodity sales, and trading revenue reported $2.5 billion.
- The firm’s investment banking business reported $1.97 billion, a 7% increase from the same period a year ago,
- The bank’s Consumer & Wealth Management business generated $1.49 billion for the quarter.
- Revenues for the consumer banking unit increased 50% from a year ago to $236 million.
- Consumer deposits increased to $96 billion in the quarter, up from $92 billion in the previous quarter.
- Revenues for asset management reached $2.77 billion for the quarter increasing 71% from the same period a year ago.
“Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year,” stated CEO David Solomon.
The bank set aside $278 million for credit losses in the quarter, a drop from $291 million a year ago, and the $1.59 billion in the second quarter.
The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base. To learn more about The Goldman Sachs Group, Inc. (GS) and to continue to track its progress please visit the Vista Partners Goldman Sachs Group, Inc. (GS), Coverage Page.
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