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Goldman Sachs profits up almost 50% on higher advisory fees

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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.

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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.

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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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READ ALSO: Goldman Sachs seeks higher interest rates to hedge against naira depreciation

But Goldman’s results were dented somewhat by $397 million in provisions for credit losses, reflecting credit card charge-offs.

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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.

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