This week, The Goldman Sachs Group Inc (NYSE: GS), Bank of America Corporation (NYSE: BAC) and Morgan Stanley (NYSE: MS) joined their big bank peers in releasing their earnings reports, continuing to exceed estimates as banks showed how well they can do even amid challenging times.
Despite A Profit Drop And A Messy Quarter, Goldman Sachs Still Exceeded Expectations
Goldman Sachs reported its profit dropped 33% to $2.058 billion but earnings per share of $5.47 still topped estimates of $5.31 that LSEG’s survey of analysts estimated. Revenue also contracted 1% to $11.82 billion but also still topped the estimated $11.19 billion. Bond trading brought in $3.38 billion to the revenue table, exceeding analyst estimates by about $600 million but it still fell 6% YoY. The efforts that Goldman Sacks made to boost lending activities in the trading division helped offset declines in trading of currencies, commodities and credit, along with strength in interest rate products and mortgages. As a result, fixed income financing revenue reached a record $730 million. Equities trading revenue expanded 8% YoY to $2.96 billion due to higher activity in derivatives, exceeding analyst estimates by about ...