Oct 16, 2014 8:38 AM
Goldman Sachs says 3Q profit climbs 48 percent
The Associated Press
NEW YORK (AP) Goldman Sachs said its third-quarter profit jumped 48 percent as revenue from trading bonds and currencies rose. The bank also raised its dividend by a nickel to 60 cents per share.
Third-quarter net income climbed to $2.24 billion from $1.52 billion a year earlier, Goldman said early Thursday. On a per-share basis, that worked out to earnings of $4.57, beating analysts' forecasts of $3.21, according to FactSet.
The investment bank, based in New York, posted quarterly revenue of $8.39 billion, up 25 percent over the same period last year and topping Wall Street's forecasts. Analysts expected $7.82 billion, according to FactSet.
Strong results from trading bonds, commodities and currencies played a starring role. Revenue from that group surged 74 percent to $2.17 billion.
Expenses increased, however. Compensation, the bank's biggest single cost, was $2.80 billion, up 18 percent from the year before.
Goldman Sachs Group's shares have fallen slightly since the beginning of the year, while the Standard & Poor's 500 index has gained almost 1 percent. Over the last 12 months, the bank's stock has climbed 9 percent.