The net revenues of the US investment banking group in the reported quarter jumped 30% to $10.78bn
The Goldman Sachs Group has reported a 93% increase in its net earnings for the third quarter of 2020 (Q3 2020) that ended 30 September 2020 at $3.62bn compared to $1.87bn reported in the same quarter of the previous year.
The diluted earnings per common share in Q3 2020 jumped 102% to $9.68 from $4.79 in Q3 2019.
For the second quarter of 2020, Goldman Sachs reported net earnings of $2.42bn, or diluted earnings per common share of $6.26.
The net revenues of the US investment banking group were $10.78bn, a 30% growth from the net revenues of $8.32bn made in Q3 2019.
According to Goldman Sachs, the increase in Q3 2020 net revenues reflected higher net revenues across all segments, which included considerable growth in asset management and global markets.
In the previous quarter, that is Q2 2020, the net revenues of the investment bank were $13.29bn.
Segment-wise Q3 2020 net revenues for Goldman Sachs
In the investment banking unit, net revenues increased by 7% to $1.97bn in Q3 2020 compared to the third quarter of the previous year.
The global markets business saw a 29% surge in net revenues at $4.55bn in the reported quarter compared to Q3 2019.
Goldman Sachs’ asset management unit made net revenues of $2.77bn in Q3 2020, which is a jump of 71% compared to the same quarter of the prior year.
Net revenues in the consumer and wealth management grew by 13% in Q3 2020 at $1.49bn compared to Q3 2019.
On the other hand, the operating expenses in the third quarter of 2020 for the investment banking group were 6% more at $5.95bn compared to the prior-year quarter.
Goldman Sachs chairman and CEO David Solomon said: “Our ability to serve clients who are navigating a very uncertain environment drove strong performance across the franchise, building off a strong first half of the year.
“As our clients begin to emerge from the tough economy brought on by the pandemic, we are well positioned to help them recover and grow, particularly given market share gains we’ve achieved this year.”