Goldman Sachs tops Q3 expectations on strong across-the-board growth

Investing.com -- Goldman Sachs posted third-quarter results that surpassed analyst expectations, but the bank’s shares still edged lower in premarket trading Tuesday.

The Wall Street giant reported Q3 earnings per share (EPS) of $12.25, ahead of analyst estimates of $11.02. Revenue totaled $15.18 billion, 20% higher than in the year-ago period, and above the $14.13 billion expected by the market.

Global Banking & Markets generated $10.12 billion in net revenue, up 18% from a year earlier. Investment banking fees rose 42% to $2.66 billion, driven by a surge in completed M&A transactions and stronger leveraged finance issuance.

Asset & Wealth Management delivered $4.40 billion in net revenue, an increase of 17% year-on-year, while Platform Solutions posted $670 million, up 71%.

The bank reported a 14.2% annualized return on average common equity for the quarter.

Book value per share rose 1.2%.

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