Goldman Sachs reported third-quarter earnings that beat analysts’ estimates, sending its stock up 3.3% in early trade.
The investment banking giant reported adjusted earnings per share of $8.40 for the quarter ended September 30, 2024, significantly beating analysts’ consensus estimates of $6.93. Revenue came in at $12.7 billion, also beating expectations of $11.81 billion and up 7% from the same period last year.
Global Banking & Markets was a key driver of the strong performance, generating quarterly net income of $8.55 billion. The sector saw strong results in equities and record quarter revenues in fixed income, currency and commodity finance.
“Our performance demonstrates the strength of our world-class franchise in an improving operating environment,” said David Solomon, Chairman and CEO of Goldman Sachs. “We continue to build on our strengths – exceptional talent, execution capabilities and risk management expertise – that enable us to effectively serve our clients in a complex environment and deliver shareholder returns.”
Asset & Wealth Management also contributed to the positive results, with quarterly revenue of $3.75 billion, including record management and other fees. Assets under supervision increased by $169 billion during the quarter to a record $3.10 trillion.
The firm maintained its leadership position in investment banking, ranking first globally in announced and completed mergers and acquisitions and common stock offerings for the past year. Goldman’s investment banking fees rose 20% to $1.87 billion.
The bank disclosed that its loan loss provisions stood at $397 million for the third quarter of 2024, compared with $7 million for the third quarter of 2023 and $282 million for the second quarter of 2024.
Book value per Goldman Sachs common share rose 1.8% during the quarter to $332.96. The company’s annualized average return on common stock (ROE) was 10.4% for the third quarter.
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Reference;
Boughedda, S. (2024) Goldman Sachs stock rises as Q3 earnings beat expectations By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/goldman-sachs-stock-rises-as-q3-earnings-beat-expectations-3663223 (Accessed: 15 October 2024).
