(RTTNews.com) - Goldman Sachs Group, Inc. ( GS ) said its profit for the third quarter rose 58 percent from last year, boosted by higher trading revenue. The results for the quarter beat analysts' expectations.
Third-quarter net income applicable to common shareholders was $2.10 billion or $4.88 per share, up from $1.33 billion or $2.90 per share in the year-ago period.
On average, 23 analysts polled by Thomson Reuters expected the company to report earnings per share of $3.79 for the quarter. Analysts' estimates typically exclude special items.
Total non-interest revenues rose 26 percent to $7.55 billion, while net interest income declined 27 percent to $614 million.
, chairman and chief executive officer said, "We saw solid performance across the franchise that helped counter typical seasonal weakness."
Net revenues in Institutional Client Services segment rose 17 percent from last year to $3.75 billion. The increase was mainly due to a 34 percent increase in revenues at the Fixed Income, Currency and Commodities Client Execution or FICC segment on significantly higher net revenues in interest rate products and credit products, as well as higher net revenues in mortgages.
However, net revenues in Investment Banking declined 1 percent from the year-ago period to $1.54 billion, reflecting a 19 percent decrease in financial advisory revenues on a decline in industry-wide completed mergers and acquisitions.
Investing & Lending net revenues more than doubled from the year-ago period to $1.40 billion, while net revenues in Investment Management rose 4 percent to $1.49 billion.
On October 17, 2016, the company's board of directors declared a dividend of $0.65 per common share to be paid on December 29, 2016 to common shareholders of record on December 1, 2016.
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