Goldman Sachs beats Wall Street target as investment banking revenue jumps

Goldman Sachs Group Inc. on Friday reported third-quarter net income of $5.28 billion, or $14.93 a share, compared to $3.23 billion, or $8.98 a share, in the year-ago period. Net revenue increased to $13.6 billion from $10.8 billion. Net interest income climbed to $1.56 billion from $1.08 billion. Goldman Sachs was expected to earn $10.14 a share on revenue of $11.72 billion, according to a survey by FactSet. Goldman’s investment banking unit nearly doubled its revenue to $3.55 billion from $1.93 billion. CEO David Solomon said the firm “saw strong operating performance” and that its “opportunity set continues to be attractive across all of our businesses.” Goldman Sachs shares are up 48.3% so far this year, compared to an increase of 18.2% by the S&P 500 and a rise of 38% by the KBW Bank Index .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit for more information on this news.