Goldman Sachs has posted impressive third quarter results with profits of more than $3.6 billion - nearly double its earnings over the same period last year.
The bank's revenue for the period increased 30% year on year. Both its earnings and revenues beat analysts' forecasts. Goldman Sachs said Wednesday business benefited from the sharp rebound in stock markets over the three-month period.
Revenues from its trading business and its asset management unit experienced healthy increases. Goldman Sachs said it gained from participation in initial public offerings both at home and abroad.
Chief executive officer David Solomon said the business environment remained "uncertain" given the lingering effects of the pandemic. He said the bank was ready to help clients to achieve a full recovery from the crisis.
"As our clients begin to emerge from the tough economy brought on by the pandemic, we are well-positioned to help them recover and grow, particularly given market share gains we've achieved this year," Solomon said.
Goldman Sachs is optimistic about the world economy's rebound next year despite some negative forecasts. In its presentation, the bank expected the U.S. economy to grow by at least 5.8% next year following its 3.4% contraction this year.
Solomon said its offices abroad were returning to normal. He said that about 60% of its workforce in Tokyo and Hong Kong had returned to their offices. Meanwhile, about half of its workforce has returned in Europe.
Competitor JPMorgan earlier reported a profit of $9.4 billion for its third quarter.