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Goldman Sachs' FICC revenue declines 26% YOY in Q3

Goldman Sachs Group Inc. reported third-quarter net earnings applicable to common shareholders of $2.04 billion, or $5.02 per share, compared to $2.10 billion, or $4.88 per share, in the year-ago quarter.

The S&P Capital IQ consensus GAAP EPS estimate for the quarter was $4.16.

Net revenues, including net interest income, for the quarter increased to $8.33 billion in the most recent quarter from $8.17 billion in the prior-year quarter.

The company reported investment banking revenues of $1.80 billion, up from $1.54 billion in the year-ago quarter. Financial advisory revenues totaled $911 million, compared to $658 million. Total underwriting revenue declined year over year to $886 million from $879 million.

Total institutional client services revenues were $3.12 billion for the third quarter, versus $3.75 billion in the year-ago quarter. Fixed income, currency and commodities client execution revenues declined 26% year over year to $1.45 billion from $1.96 billion, due to significantly lower net revenues in commodities, interest rate products and credit products and lower net revenues in currencies, partially offset by higher net revenues in mortgages. Total equities revenue slid year over year to $1.67 billion from $1.78 billion, primarily due to lower net revenues in equities client execution, reflecting significantly lower results in derivatives, partially offset by higher results in cash products.

Total investing and lending revenues were $1.88 billion for the third quarter, up from $1.40 billion in the prior-year quarter.

Investment management revenues came in at $1.53 billion compared to $1.49 billion, due to slightly higher management and other fees, reflecting higher average assets under supervision, and higher transaction revenues, partially offset by lower incentive fees.

Total operating expenses for the third quarter rose year over year to $5.35 billion from $5.30 billion.

During the third quarter, Goldman Sachs repurchased 9.6 million shares of its common stock at an average cost of $225.12 per share, for a total cost of $2.17 billion.