Goldman Sachs beats analysts' Q3 estimates by a mile
By Alexander Bueso
Date: Friday 15 Oct 2021
(Sharecast News) - Goldman Sachs beat Wall Street analysts' estimates for its third quarter by a mile with stronger-than-expected performances in nearly all of its main segments of activity.
For the three months ending in September, the banking heavyweight posted a 20.8% jump in its total revenues to reach $13.61bn for a 39.8% jump in earnings per share to reach $14.93.
Revenues from its investment banking activities were especially strong, rising by 88% versus a year earlier to $3.70bn, driven by M&A, private placements, initial public offerings and debt underwriting.
Global Markets revenues were up by 23% to $5.61bn, although income from Fixed Income, Currencies and Commodities was "essentialy unchanged".
Consumer and Wealth Management revenues rose 35% to $2.02bn, but those from Asset Management fell 18% to $2.28bn.
The lender did however record fewer credit loss provisions for the period of $175m, down from $278m one year ago.
As of 1444 BST, shares of Goldman Sachs were trading 1.99% higher at $398.64.
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