Friday October 15, 2021
Acquisitions and Mergers
Goldman Sachs posts jump in profit
The economy is getting going again worldwide after the corona pandemic. In addition, business acquisitions are booming for the US bank Goldman Sachs. The bottom line is that the house earns significantly more than expected.
The US investment bank Goldman Sachs has made a profit jump on the back of strong global businesses with acquisitions and mergers. The investment bank delivered a strong performance, almost doubling its income. Net income climbed nearly two-thirds to just under $ 5.3 billion in the quarter. Earnings per share were $ 14.93 compared to $ 8.98.
Net income increased from $ 10.8 billion to $ 13.6 billion over the same period. Net interest income rose nearly 50 percent to around $ 1.6 billion. The investment bank increased revenues from $ 1.9 billion to around $ 3.6 billion. Analysts reckoned earnings per share of $ 10.14 and net income of $ 11.7 billion.
Bank chief David Solomon said the company had “strong operational performance”. The possibilities in all business areas are “still attractive”. With net income of $ 46.7 billion in the first nine months and a surplus of $ 17.7 billion, the bank is heading for the best year in its history. Goldman Sachs stocks are up 48.3 percent so far this year, more than the S&P 500, which gained 18.2 percent, and the KBW Bank Index, which is 38 percent.
On Wednesday and Thursday, the competitors JP Morgan and Morgan Stanley had already presented their figures for the third quarter. Because of the stock market boom and strong business in investment banking, they too earned significantly more than a year ago.