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According to Goldman, during the first nine months of 2021, the company generated net revenues of $46.70 billion along with net earnings of $17.70 billion and diluted EPS of $48.59, each surpassing the previous full-year records. During Q3, Goldman generated net revenues of $13.61 billion an amount that is 26% higher than the third quarter of 2020.
In early trading, shares in Goldman rose higher on the solid beat.
The Investment Banking division of Goldman is booming with it generating its second-highest quarterly net revenues of $3.70 billion.
Regarding its growing consumer business including its digital bank Marcus, Goldman said that Consumer & Wealth Management produced quarterly net revenues of over $2 billion for the first time, 35% higher than the third quarter of 2020. Consumer and Wealth now account for 15% of net revenue during the quarter – trailing other categories but increasing in importance.
Breaking it down further, net revenues in Wealth management were $1.64 billion, 40% higher than the third quarter of 2020. Management and other fees were significantly higher, primarily reflecting the impact of higher average assets under supervision. Incentive fees were significantly higher, due to harvesting, and net revenues in Private banking and lending were higher, primarily reflecting higher loan balances. Net revenues in Consumer banking were $382 million, 17% higher than the third quarter of 2020, reflecting higher credit card and deposit balances. Goldman also powers the popular Apple Card.
For 9 months if you break it out, Consumer and Wealth generated $587 million in net earnings.
The Earnings Presentation is available here. The earnings call will kick off at 10:30AM ET and should provide additional insight into Goldman’s operations.
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