This story was first published in Financial News.
Goldman Sachs reported a modest increase in revenues for the third quarter, driven by strong investment banking performance, though offset by weaker results in its fixed income trading division.
The US banking giant recorded revenues of 8.65 billion** for the quarter, marking a **4% rise** compared to the same period last year and **300 million above analyst expectations. Profits increased by over 18% year-on-year, reaching $2.52 billion. Similar to other US investment banks, Goldman’s profits benefited from lower tax rates in its home market.
However, Goldman’s fixed income, currencies, and commodities trading division, traditionally a strong contributor to the bank’s earnings, struggled to sustain momentum in the third quarter.
Following a rebound in the first half of the year after a weak 2017, revenues for the division fell by 10%, landing at $1.31 billion. The bank cited low levels of market volatility and weak revenues in its interest rates trading business as key contributors to the decline.
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