Goldman Sachs, one of the leading US investment banks, yesterday returned a better-than-expected $638 million (€609 million) profit in the third quarter.
Goldman, which went public in a $3.7 billion stock offering in May, earned $1.32 per share in the quarter to Aug 31st. That was almost double the pro-forma profit of $329 million, or 69 cents per share, in the year-ago period, which was marked by turmoil in financial markets.
Net revenues, or revenues minus interest expense, rose to $3.4 billion, up 59 per cent from a year ago.
Revenue from investment banking rose to $1.15 billion in the third quarter, up 20 per cent on the year-ago period. Goldman's bankers were especially active in the technology, energy and retail industries, the company said.
Trading and principal investments, revenues from dealing in stocks and bonds and trading for the firm's own account, rose to $1.4 billion, up more than three times from $464 million in the year-ago quarter.
Net asset management and securities services revenues, or fees from managing money for clients and from brokerage, rose to $811 million, up 13 per cent on the year-ago period.
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