Goldman Sachs Group Inc

Latest Results (17.12.2024):

Net Revenues

Goldman Sachs Group Inc. reported net revenues of $12.70 billion for the third quarter of 2024, marking a 7% increase compared to the same quarter in 2023. This growth was driven by higher net revenues in Global Banking & Markets and Asset & Wealth Management, although it was partially offset by lower revenues in Platform Solutions. Year-to-date net revenues reached $39.64 billion.

Net Earnings and EPS

The company achieved net earnings of $2.99 billion for the third quarter of 2024. Diluted earnings per common share (EPS) were $8.40, showing a significant increase from $5.47 in the third quarter of 2023. For the first nine months of 2024, EPS was $28.64, compared to $17.39 for the same period in 2023.

Global Banking & Markets Performance

Net revenues in Global Banking & Markets were $8.55 billion for the third quarter of 2024, a 7% increase from the previous year. This was primarily due to higher investment banking fees, which rose by 20%, driven by leveraged finance and investment-grade activity. Equities net revenues also saw an 18% increase, reflecting higher revenues in derivatives and cash products.

Asset & Wealth Management Growth

Goldman Sachs' Asset & Wealth Management division generated net revenues of $3.75 billion in the third quarter of 2024, up 16% from the same quarter in 2023. This growth was attributed to net gains in equity investments and higher management fees, despite a decrease in debt investments revenues.

Operating Expenses and Efficiency

Operating expenses for the third quarter of 2024 were $8.32 billion, an 8% decrease from the third quarter of 2023. The firm's efficiency ratio improved to 64.3% for the first nine months of 2024, compared to 74.4% for the same period in 2023. This improvement was due to lower expenses related to real estate investments and intangibles write-downs.