In this news, we discuss the Goldman Sachs profit nearly doubles on trading surge.
(Reuters) – Goldman Sachs Group Inc on Wednesday reported a 94% increase in quarterly profit on Wednesday, thanks to a resumption in trading and continued strength in its trading and underwriting business.
The bank’s net income applicable to common shareholders jumped to $ 3.5 billion in the quarter ended September 30, from $ 1.8 billion a year ago. Earnings per share doubled to $ 9.68 from $ 4.79 a year earlier.
Analysts expected earnings of $ 5.57 per share, on average, according to Refinitiv’s IBES estimate. It was not immediately clear whether the numbers were comparable.
Reporting by Anirban Sen in Bengaluru and Matt Scuffham in New York; Edited by Saumyadeb Chakrabarty
Original © Thomson Reuters