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Oct 18

Goldman Sachs' profit soars 58% on higher trading revenue

Goldman Sachs

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Goldman Sachs Group Inc reported a 57.9 per cent rise in quarterly profit on Tuesday as trading revenue surged.

Net income applicable to shareholders increased to US$2.10 billion in the third quarter ended Sept. 30 from US$1.33 billion a year earlier, while earnings per share rose to US$4.88 from US$2.90.

Analysts on average had expected earnings of US$3.82 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

It was the bank's second straight rise in quarterly profit after four quarters of decline.

Revenue from trading fixed-income securities, commodities and currencies rose 34 per cent to US$1.96 billion.

Total net revenue rose 19 per cent to US$8.17 billion.

Goldman joined JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp in reporting an increase in revenue from trading, which got a boost from Britain's surprise vote to quit the European Union as well as from uncertainty about monetary policy in the United States and elsewhere.

Goldman's chief rival, Morgan Stanley, is due to report results on Wednesday.