NEW YORK: 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 $2.9 billion for the quarter ending June 30, more than double the year-ago level.
Revenues rose 14 percent to $8.2 billion.
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.
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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.
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