Goldman Sachs Q2 Earnings: Revenue And EPS Beat, Investment Banking Fees Up 21%, Dividend Hike

On Monday, Goldman Sachs Group Inc. GS reported revenue of $12.730 billion for the second quarter, beating the consensus of $12.456 billion.

Sales increased 17% year over year, reflecting higher net revenues in Global Banking and markets and Asset and wealth Management.

Global Banking & Markets revenues were $8.18 billion, up 14% year over year.

This was boosted by a 21% year-over-year increase in investment banking fees to $1.73 billion, led by higher revenues in Debt and Equity underwriting, including leveraged finance and IPOs. Slight gains in advisory revenues contributed significantly to this growth.

Asset & Wealth Management revenue was $3.88 billion for the second quarter of 2024, 27% higher than last year.

Net revenues in Fixed Income, Currency, and Commodities (FICC) were $3.18 billion, up 17% Y/Y, primarily reflecting increased net revenues in FICC intermediation on higher net revenues in interest rate products and currencies and mortgages.

The U.S. financial services giant reported GAAP EPS of $8.62, beating the consensus of $8.35.

Provision for credit losses was $282 million for the second quarter, compared with losses of $615 million a year ago, reflecting net provisions related to the credit card portfolio (driven by net charge-offs).

Read: Goldman Sachs' Bullish Surge Ahead Of Q2 Earnings: How The Stock Maps Against Wall Street Estimates

On July 12, 2024, the Board of Directors increased the quarterly dividend to $3.00 per common share from $2.75, payable on September 27, 2024, to shareholders of record on August 30, 2024.

The company returned common share repurchases worth $3.50 billion in the quarter.

David Solomon, Chairman and CEO, said, "We are pleased with our solid second-quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management."

"Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment."

Also Read: Goldman Sachs To Launch Three Tokenization Projects By Year-End: ‘It'll Change The Nature Of How Clients Can Invest'

Price Action: GS shares were down by 0.14% at $479.20 premarket at the last check on Monday.

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