Goldman Sachs profits jump to $2.9bn

Goldman Sachs reported strong second-quarter results Monday demonstrating robustness across its trading, advisory and asset management businesses.

The storied New York financial giant, which was under pressure for much of 2023 over an ill-fated push into Main Street lending, reported profits of $2.9bn for the quarter ending June 30, more than double the year-ago level.

Revenues rose 14 per cent to $8.2bn.

With the consumer banking experiment in the rear-view mirror, Goldman excelled in its bread-and-butter enterprises in the just-finished quarter.

In global banking, the New York giant scored increased fees for debt underwriting and equity underwriting, while reporting higher revenues in both fixed income and equities trading.

The investment bank’s asset and wealth management division also prospered behind a buoyant performance in equity holdings and a much better time in real estate investments, which suffered significant losses in the year ago period.

Operating expenses were essentially flat compared with the year-ago level, while results were also assisted by a decrease in provisions for bad loans.

Chief Executive David Solomon described the results as “solid,” saying in a statement that the firm is deepening its relationship with clients and “serving them in an improving, but complex environment.”

Shares of Goldman Sachs rose 1.0 percent in pre-market trading.

AFP

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