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Goldman Sachs' 45% Profit Surge to $3 Billion Leads Strong Q3 Bank Earnings

Oct 15, 2024, 11:30 AM

On October 15, 2024, several major US banks reported strong third-quarter earnings, exceeding analysts' expectations. Bank of America reported earnings per share (EPS) of $0.81, surpassing the expected $0.77, with revenue of $25.35 billion beating estimates, and net income of $6.9 billion. Goldman Sachs reported profits of $3 billion, a 45% increase, with an EPS of $8.40 beating the expected $6.93, and revenue of $12.7 billion exceeding forecasts, driven by strong investment banking and trading divisions. Charles Schwab also surpassed expectations with adjusted EPS of $0.77 and revenue of $4.85 billion, leading to shares rising by 7.8% in pre-market trading. Citigroup reported EPS of $1.51 against an expected $1.30, and revenue of $20.32 billion beat estimates. The strong earnings reports from these banks led to their shares rising in pre-market trading, indicating a positive market response.