<\/p>\n
Its third-quarter profit increases to US$2.99 billion, from US$2.06 billion in the corresponding period a year earlier.<\/p>\n
Goldman Sachs\u2019 profit has jumped 45 per cent in the third quarter, as the investment bank benefited from a rebound in dealmaking.<\/p>\n
It joined JPMorgan Chase, which also gained from an investment banking revival. This comes as corporate clients become more confident in the economic outlook, spurring debt and equity offerings.<\/p>\n
\u201cOur performance demonstrates the strength of our world-class franchise in an improving operating environment,\u201d Goldman chief executive officer David Solomon said. Goldman Sachs\u2019 shares rose 1.5 per cent before the market opened.<\/p>\n
Goldman\u2019s investment banking fees jumped 20 per cent to about US$1.9 billion. Leveraged finance, which refers to loans made to risky ventures such as funding buyouts, and investment-grade activity powered a jump in debt underwriting.<\/p>\n
Equity underwriting also fetched higher revenue, due to a slew of secondary share sales. Revenue from fixed income, currency and commodities trading fell 12 per cent, while equities trading increased 18 per cent.<\/p>\n
The bank, however, booked US$397 million in provisions for credit losses, higher than the US$7 million a year ago. This was driven by higher charge-offs in its credit card portfolio.<\/p>\n
Goldman Sachs continues to hurt from its ill-fated consumer business two years after stepping back from it. The company has since shifted its focus back to traditional mainstays of investment banking and trading.<\/p>\n
Total profit increased to US$2.99 billion, or US$8.40 per share, for the three months ended Sep 30, from US$2.06 billion, or US$5.47 per share, in the year-ago period.<\/p>\n
Goldman Sachs also benefited from easier comparisons with the year earlier, when it took sizeable write-downs on the consumer business and real estate investments.<\/p>\n
The bank is exiting its credit card venture with carmaker General Motors, which has signed a deal with Barclays.<\/p>\n
JPMorgan is in talks to replace Goldman Sachs as tech behemoth Apple\u2019s credit card partner.<\/p>\n
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