Goldman Sachs beats by $0.05, beats on revs (314.39)
- Reports Q3 (Sep) earnings of $5.47 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $5.42; revenues fell 1.3% year/year to $11.82 bln vs the $11.15 bln FactSet Consensus.
- Global Banking & Markets generated quarterly net revenues of $8.01 billion, driven by strong performances in both Fixed Income, Currency and Commodities (FICC), which included record quarterly net revenues in financing, and Equities.
- Investment banking fees were $1.55 billion, essentially unchanged compared with the third quarter of 2022, due to higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, and higher net revenues in Equity underwriting, primarily from initial public offerings, offset by lower net revenues in Advisory, reflecting a decline in completed mergers and acquisitions transactions. The firm's Investment banking fees backlog3 was lower compared with both the end of the second quarter of 2023 and the end of 2022.
- Provision for credit losses was $7 million for the third quarter of 2023, compared with $515 million for the third quarter of 2022 and $615 million for the second quarter of 2023.