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Goldman posts higher Q3 earnings as i-banking revenues rise 10% YOY

Goldman Sachs Group Inc. posted third-quarter net earnings applicable to common shareholders of $2.45 billion, or $6.28 per share, compared with $2.04 billion, or $5.02 per share, a year earlier.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the third quarter was $5.38.

Total net revenues for the quarter were $8.65 billion, compared to $8.33 billion in the year-ago period.

By segment, the company's investment banking revenues increased 10% to $1.98 billion. Underwriting net revenues were up 20% year over year to $1.06 billion, particularly as equity underwriting activity improved due to initial public offerings. Its investment management revenues climbed 12% to $1.70 billion.

Meanwhile, low client activity amid muted market volatility during the quarter led to a decline in revenues for the institutional client services segment to $3.10 billion from $3.12 billion, the company said. Revenues for the investing and lending segment declined to $1.86 billion from $1.88 billion a year ago.

Total operating expenses were up 4% year over year to $5.57 billion due to higher non-compensation expenses, which were up 14% to $2.48 billion. The increase in non-compensation expenses reflects higher net provisions for litigation and regulatory proceedings and higher expenses related to consolidated investments and the company's digital lending and deposit platform.