Goldman Sachs Group, Inc. has reported its second quarter earnings results, showing a strong performance in various areas. The net revenues for the second quarter of 2024 were $12.73 billion, which is a 17% increase from the second quarter of 2023, although it was 10% lower than the first quarter of 2024.
The diluted earnings per common share (EPS) for the second quarter of 2024 was $8.62, compared to $3.08 for the second quarter of 2023 and $11.58 for the first quarter of 2024. The annualized return on average common shareholders' equity (ROE) was 10.9% for the second quarter of 2024, and the annualized return on average tangible common shareholders' equity (ROTE) was 11.6%.
In terms of business segments, Global Banking & Markets generated quarterly net revenues of $8.18 billion, a 14% increase from the second quarter of 2023. Asset & Wealth Management, on the other hand, generated quarterly net revenues of $3.88 billion, a 27% increase from the second quarter of 2023.
The firm's provision for credit losses was $282 million for the second quarter of 2024, significantly lower than the $615 million reported for the same period in 2023.
Operating expenses were reported at $8.53 billion for the second quarter of 2024, essentially unchanged from the same period in 2023.
The effective income tax rate for the first half of 2024 was 21.6%, up from 21.1% for the first quarter of 2024.
The board of directors also approved a 9% increase in the quarterly dividend to $3.00 per common share beginning in the third quarter of 2024.
Today the company's shares have moved 0.1% to a price of $479.88. If you want to know more, read the company's complete 8-K report here.
