Goldman Sachs Tops Earnings Expectations

Goldman Sachs (NYSE:GS) has posted Q2 earnings which have topped expectations. Goldman CEO and Chairman David M. Solomon issued the next assertion:

“Our second-quarter efficiency and file revenues for the primary half of the yr display the energy of our shopper franchise and our continued progress on our strategic priorities. Whereas the financial restoration is underway, our shoppers and communities nonetheless face challenges in overcoming the pandemic. However, as all the time, I’m pleased with the dedication and resilience of our individuals, who’ve labored tirelessly to assist our shoppers navigate the ever-changing market setting.”

Q2 revenues got here in at $15.39 billion with internet earnings at $5.49 billion or $15.02 earnings per share the second-highest internet earnings and EPS ever.

For the primary half of 2021, internet revenues have been $33.09 billion and internet earnings have been $12.32 billion.

Goldman’s Funding Banking division generated its second-highest quarterly internet revenues of $3.61 billion.

Goldman’s rising shopper and wealth administration division, which incorporates digital financial institution Marcus, generated internet revenues of $1.75 billion for the second quarter, 28% increased than the second quarter of 2020 and basically unchanged in contrast with the primary quarter of 2021.

Web revenues in Wealth administration have been $1.38 billion, 25% increased than the second quarter of 2020.

Web revenues in Shopper banking have been $363 million, 41% increased than the second quarter of 2020, reflecting increased deposit and bank card balances.

Goldman additionally introduced a rise in its dividend to $2/share.

Shares in Goldman moved increased in pre-market buying and selling. The earnings name will happen later this morning at 930AM ET.