Goldman Sachs Q2 profits soar amid increased dealmaking

15th Jul 2024 13:35

(Sharecast News) - Goldman Sachs said on Monday that profits had soared 150% year-on-year in Q2 on the back of increased investment banking activity during the period.

Profits more than doubled to $3.0bn amid an accelerated recovery in dealmaking, as well as a better-than-expected performance by its bond and equities traders. Revenues rose 17% to $12.7bn.

Quarterly net income came in ahead of the $2.8bn expected by analysts at $3.04bn and was $1.2bn higher year-on-year. Investment banking revenues rose 21% to $1.7bn, just short of estimates, while revenue from fixed-income and equities trading both came to $3.2bn, up 17% and 7%, respectively.

Chief executive David Solomon said: "We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth."

As of 1445 BST, Goldman Sachs shares were up 0.54% in pre-market at $482.45 each.

Reporting by Iain Gilbert at Sharecast.com