Goldman Sachs Group has reported a 150% increase in its net earnings for the second quarter of 2024 (Q2 2024) that ended 30 June 2024 at $3.04bn compared to $1.21bn reported in the same quarter of the previous year.
The diluted earnings per common share (EPS) in Q2 2024 for the lender jumped nearly 180% to $8.62 from $3.08 in Q2 2023.
In the previous quarter, that is Q1 2024, Goldman Sachs Group’s net earnings were $4.13bn and diluted EPS was $11.58.
The net revenues of the US investment banking group were $12.73bn, a 16.8% growth from the net revenues of $10.89bn made in Q2 2023.
For the first half of 2024, Goldman Sachs Group’s net revenues and net earnings were $26.94bn and $7.18bn, respectively.
The bank’s net revenues in asset and wealth management were $3.88bn for the second quarter of 2024, which is an increase of 27% from Q2 2023. This is also 2% higher than the first quarter of 2024.
Its net revenues in global banking and markets were $8.18bn for the reported quarter, which is 14% greater than the corresponding previous quarter.
Goldman Sachs Group’s net revenues in platform solutions were $669m for Q2 2024, which is an increase of 2% from Q2 2023.
The American investment bank reported operating expenses at $8.53bn for the second quarter of 2024, which remained flat compared with both Q2 2023 and Q1 2024.
Goldman Sachs Group chairman and CEO David Solomon 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.”
