Goldman Sachs shares rose 1.8% in early trading on Tuesday after the Wall Street investment bank reported third-quarter earnings well ahead of analyst forecasts, driven by a record performance in its advisory business.
Earnings per share came in at $17.01, sharply ahead of the $13.09 consensus estimate.
Net revenue rose 23% to $18.68 billion from $15.18 billion a year earlier, beating expectations of around $16.9 billion.
Net earnings rose 29% to $5.29 billion.
Equities trading was the standout, with revenue surging 72% year on year to $6.44 billion, though that was down 13% from the record second quarter.
Investment banking fees rose 21% to $3.22 billion, with advisory revenue hitting a record $1.65 billion.
Wealth management revenue grew 14% to $5.06 billion.
Fixed income, currencies and commodities trading was the weak spot, with revenue down 24% on the quarter and 1% on the year at $3.47 billion.
Provisions for credit losses rose sharply to $368 million from $102 million in the second quarter, and Platform Solutions revenue fell 72% to $170 million, partly reflecting Apple Card markdowns.
Chief executive David Solomon described the quarter as taking place "against the backdrop of a complicated operating environment" but said clients had continued to rely on Goldman for advice and financing, resulting in the bank's second-highest quarterly revenues on record and record year-to-date revenues.
Morgan Stanley, Bank of America and BlackRock report results tomorrow, alongside September inflation data.
