Profit and revenues rise in third quarter for US bank Goldman Sachs

Profit and revenues rose in the third quarter for US investment bank and financial services company Goldman Sachs compared to the same period of the previous year.

Goldman Sachs reported on Tuesday that net earnings applicable to common shareholders for the third quarter surged to $2.78 billion, or $8.40 per share, up from $1.88 billion, or $5.47 per share, in the prior-year quarter.

Provision for credit losses for the quarter was $397 million, compared to just $7 million last year. Total net revenues for the quarter grew 7% to $12.7 billion from $11.82 billion in the same quarter last year.

Net interest income for the quarter surged 70% to $2.62 billion, while total non-interest revenues decreased 2% to $10.08 billion from last year.

On Friday, the board of directors of Goldman Sachs declared a dividend of $3.00 per common share to be paid on December 30 to common shareholders of record on December 2.