Goldman Sachs smashes earnings estimates (GS)

pulse

October 17, 2017 12:06 PM

Goldman Sachs reported third-quarter earnings results Tuesday at 7:30 a.m.

Goldman Sachs reported third-quarter earnings results Tuesday, posting earnings per share of $5.02, way ahead of the $4.19 number expected by analysts.

“Our overall performance this year has been solid and provides a good foundation on which to execute and deliver our growth initiatives,” said Lloyd Blankfein, chairman and chief executive officer.

The biggest driver of the beat was a surge in investing and lending revenue.

Here are the key figures:

Revenues:
Net income:
Investing and lending
Investment banking
Institutional client services

Goldman Sachs took a hit to its trading business, as expected. The bank saw a 26% year-on-year decline in fixed income, currency and commodity revenues, to $1.45 billion. That was comparable with the drop at the likes of Bank of America JPMorgan

Although market-making conditions improved in most businesses compared with the second quarter of 2017, Fixed Income, Currency and Commodities Client Execution continued to operate in a challenging environment characterized by low levels of volatility and low client activity," the bank said in a statement.

Still, third quarter FICC revenues were an improvement on the terrible second quarter.

Here's a breakdown of Goldman's FICC revenue in recent quarters:

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