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Oct 17, 2017

Goldman Sachs earnings beat as bond trading falls less than expected

A view of the Goldman Sachs stall on the floor of the New York Stock Exchange.

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Goldman Sachs Group Inc (GS.N) beat Wall Street estimates, as bond trading fell less than expected, and investment banking and investing and lending helped buoy results.

The bank's profit declined three per cent but its earnings per share handsomely beat analysts' estimates.

Net income applicable to common shareholders was US$2.04 billion, or US$5.02 per share, for the third quarter ended Sept. 30, compared with US$2.10 billion, or US$4.88 per share a year ago.

Analysts on average had expected earnings of US$4.17 per share, according to Thomson Reuters I/B/E/S.

All eyes were on its bond trading unit, which reported a 26-per-cent revenue decline. Revenue from trading bonds, currencies and commodities (FICC) fell to US$1.45 billion.



The drop was in line with rivals Morgan Stanley (MS.N), which reported a 20-per-cent fall, and JPMorgan Chase & Co's (JPM.N) 27-per-cent decline.

The bank's core bond-trading unit has suffered three straight quarterly declines on low volatility and the bank has been looking for ways to shore up its FICC division.

Goldman has been trying to shift away from the bond-trading unit to more stable businesses like investment management and consumer lending, where it launched Marcus, an online platform in 2016.

Total revenue, including net interest income, rose two per cent to US$8.33 billion, helped by investment banking and lending business. Analysts expected revenue of US$7.54 billion.