Goldman Sachs reported a jump in profits Tuesday behind higher fees for debt underwriting and asset management, as well as solid results in some key trading businesses.

The New York financial heavyweight reported third-quarter profits of $2.8 billion, up 48 percent from the year-ago period.

The bank has undergone a transition in shifting away from a consumer banking push and centering on its core businesses.

In its latest report, strong areas included debt underwriting for clients with investment-grade credit ratings.

Much higher revenues in equity trading made up for declines in trading of fixed-income products, currencies and commodities.

The firm won higher asset management fees from increased assets under management and enjoyed a boost in the value of Goldman's private and public equities compared with the year-ago period.

But Goldman's results were dented somewhat by $397 million in provisions for credit losses, reflecting credit card charge-offs.

Goldman Sachs Chief Executive David Solomon said the results showed the "strength of our world-class franchise" serving clients in "a complex backdrop."

In a conference call, Solomon added that the US economy "continues to be resilient."

The September start of central bank interest rate cuts has "renewed optimism for a soft landing, which should spur increased economic activity," he told investors.

But he also noted keen attention on global elections, especially the US White House race, and expressed concern over the possibility of tougher capital rules on banks.

"Requiring too much capital will increase the cost of credit for businesses large and small, and will impact growth across the country," Solomon said.

Goldman shares ticked down 0.1 percent on Tuesday.