Goldman Sachs Group Inc., the fifth biggest bank in the United States, Tuesday reported better-than-expected net income for the third quarter, mainly driven by strong fixed-income trading.
The bank's net income reached 1.51 billion U.S. dollars, or 2.85 dollars per share, compared with a loss of 393 million dollars, or 0.84 dollar per share, in the same period of last year.
Revenues of the bank more than doubled from a year earlier to 8.35 billion dollars in the quarter, beating predictions of analysts.
Specifically, revenues of fixed-income, currency and commodity trading soared 28 percent from a year earlier to 2.22 billion dollars, which largely boosted the bank's total revenues.
However, expenses rose 40 percent from a year earlier to 6.05 billion dollars due to higher compensations and increase of employees.
"This quarter's performance was generally solid in the context of a still challenging economic environment," said the bank's CEO Lloyd Blankfein. "We continue to be disciplined in managing our operations and capital, while effectively serving out clients' needs."
Goldman Sachs' stock price opened slightly lower at 124.23 dollars on Tuesday, as investors were uncertain if the bank's strong performance could continue.