US-based investment banking company Goldman Sachs has reported a net income of $1.8bn, or $5.47 per diluted share, for the third quarter ended 30 September 2023, a 36% decline compared to $2.9bn, or $8.25 per diluted share, for the same quarter in 2022.’
The US investment bank reported total net revenues of $11.8bn for the third quarter (Q3) of 2023, a 1% decline compared to $11.9bn for the corresponding quarter in 2022.
Goldman Sachs reported a net interest income of $1.5bn for Q3 2023, a 24% decrease compared to $2.04bn for the same period the previous year.
The company reported total operating expenses of $9.05bn for Q3 2023, an 18% rise compared to $7.70bn for the same period in the previous year.
Goldman Sachs reported pre-tax earnings of $2.7bn for Q3 2023, a 27% decline compared to $3.7bn for the respective quarter in 2022.
The company said that it has progressed towards the execution of its strategic goals during the quarter, with the agreements to sell GreenSky and Personal Financial Management units.
Goldman Sachs chairman and CEO David Solomon said: “We continue to make significant progress executing on our strategic priorities and we’re confident that the work we’re doing now provides us a much stronger platform for 2024.
“I also expect a continued recovery in both capital markets and strategic activity if conditions remain conducive. As the leader in M&A advisory and equity underwriting, a resurgence in activity will undoubtedly be a tailwind for Goldman Sachs.”
Goldman Sachs Global Banking and Markets business reported net revenues of $23.64bn for Q3 2023, a 9% decline compared to $25.96bn for the same period in 2022.
The company’s Asset & Wealth Management unit reported net revenues of $9.49bn for Q3 2023, a 3% decrease compared to $9.81bn for the respective quarter prior year.
The US investment bank’s Platform Solutions business reported net revenues of $1.80bn for Q3 2023, an 82% rise compared to $989m for the same quarter in 2022.
