Goldman Sachs (GS, Financial) has just announced robust third-quarter 2024 earnings, delivering key figures that signal the bank's resilience and continued strength in a competitive financial landscape. With $12.70 billion in net revenues, the firm saw a 7% year-over-year increase, and net earnings soared to $2.99 billion. The headline figure: EPS of $8.40, significant jump from $5.47 in Q3 2023, comfortably outpacing analysts' forecast of $6.89. A key driver behind this performance was the significant revenue growth from debt and equity underwriting, which saw a marked increase compared to the same quarter last year.
The Global Banking & Markets division, a key driver of Goldman's performance, reported revenues of $8.55 billion, supported by strong debt and equity underwriting activities. Investment banking fees grew to $1.87 billion, fueled by leveraged finance and secondary offerings, marking a 20% increase from the same period last year. Goldman's leadership in FICC financing remained strong, delivering record quarterly revenues despite some declines in intermediation activities.
Assets under supervision hit an all-time high of $3.10 trillion, reflecting a $169 billion increase during the quarter. Returning capital to shareholders, the bank declared a $3 per share dividend and repurchased $1 billion in stock. CEO David Solomon highlighted that these results demonstrate Goldman's ability to leverage its talent and execution capabilities in a complex market, positioning the firm for continued shareholder returns.
