Goldman Sachs Group, Inc. (GS) announced on Tuesday a remarkable increase in net earnings attributable to common shareholders for the third quarter, reaching $2.78 billion, or $8.40 per share. This marks a significant rise from the $1.88 billion, or $5.47 per share, reported in the same period last year.
Analyst predictions, as polled by Thomson Reuters, anticipated earnings per share to be $6.89 for the quarter. It's important to note that these estimates typically exclude any special items.
The provision for credit losses saw a substantial increase, recorded at $397 million for the quarter, a sharp contrast to the $7 million provision in the previous year.
Total net revenues for the quarter experienced a 7 percent rise, amounting to $12.70 billion compared to $11.82 billion in the corresponding quarter the year before. Analysts had expected this figure to be around $11.80 billion.
Net interest income for the quarter rose significantly by 70 percent, totaling $2.62 billion, whereas total non-interest revenues witnessed a slight decline of 2 percent, coming in at $10.08 billion from the previous year.
In addition, on Friday, the Board of Directors at The Goldman Sachs Group, Inc. announced a dividend payment of $3.00 per common share. This will be distributed on December 30, 2024, to shareholders who are recorded as such by December 2, 2024.
