Goldman Sachs reported a higher third-quarter profit on Tuesday that topped analyst estimates even as activity moderated from the booming prior quarter.
Profit at the New York financial heavyweight during the July-September period was US$5.1 billion, up 33% from the year-ago level but down 20% from the second quarter.
Revenue rose 23% to US$18.7 billion.
Like rival JPMorgan Chase, which reported earlier Tuesday, Goldman saw muted activity in some parts of its markets’ business, such as fixed income, currency and commodities, where revenues were “essentially unchanged”, the firm said in a press release.
But net revenue in equities trading soared 72% from the year-ago level.
Goldman also scored higher investment banking fees, citing increases in completed mergers and an elevated level of initial public and secondary equity offerings.
But Goldman said its investment banking fees backlog decreased compared with the end of the second quarter.
Chief executive David Solomon praised the results in light of “the backdrop of a complicated operating environment”, according to a press release.
“Notwithstanding the current complexity and uncertainty in the world, we remain very well positioned to continue to deliver for our clients,” Solomon said.
Goldman shares rose 2.9% in pre-market trading.
