Goldman Sachs beats by $0.27, beats on revs (479.88)
- Reports Q2 (Jun) earnings of $8.62 per share, excluding non-recurring items, $0.27 better than the FactSet Consensus of $8.35; revenues rose 16.8% year/year to $12.73 bln vs the $12.35 bln FactSet Consensus.
- On July 12, 2024, the Board of Directors of The Goldman Sachs Group, Inc. approved a 9% increase in the quarterly dividend to $3.00 per common share beginning in the third quarter of 2024.
- Investment banking fees were $1.73 billion, 21% higher than the second quarter of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, higher net revenues in Equity underwriting, primarily from convertible and initial public offerings, and slightly higher net revenues in Advisory. The firm's Investment banking fees backlog3 increased significantly compared with the end of the first quarter of 2024 and increased slightly compared with the end of 2023.
- Net revenues in FICC were $3.18 billion, 17% higher than the second quarter of 2023, reflecting higher net revenues in FICC intermediation (due to significantly higher net revenues in interest rate products and currencies and higher net revenues in mortgages, partially offset by significantly lower net revenues in commodities and lower net revenues in credit products) and significantly higher net revenues in FICC financing (driven by mortgages and structured lending).
- Provision for credit losses was $282 million for the second quarter of 2024, compared with $615 million for the second quarter of 2023 and $318 million for the first quarter of 2024. Provisions for the second quarter of 2024 reflected net provisions related to the credit card portfolio (driven by net charge-offs).