Goldman Sachs reported a jump in profits Tuesday behind higher fees for debt underwriting and asset management, as well as solid results in some key trading businesses.
The New York financial heavyweight reported third-quarter profits of $2.8 billion, up 48 percent from the year-ago period.
Strong areas included debt underwriting for clients with investment-grade credit ratings; much higher revenues in equity trading made up for declines in trading for fixed income, currencies and commodities.
The firm won higher asset management fees from increased assets under management and enjoyed a boost in value of Goldman’s private and public equities compared with the year-ago period.
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But Goldman’s results were dented somewhat by $397 million in provisions for credit losses, reflecting credit card charge-offs.
Goldman Sachs Chief Executive David Solomon said the results showed the “strength of our world-class franchise” serving clients in “a complex backdrop.”
Shares rose 2.9 percent in pre-market trading.