Goldman Sachs reports 150% profit increase in Q2 2024

(MENAFN) Goldman Sachs reported a remarkable rise in profits in the second quarter of this year, up nearly 150 percent, according to financial results released Monday. The U.S. investment bank reported a net profit of $3.04 billion for the April-June period, up significantly from $1.22 billion in the same period last year. The impressive increase underscores the bank’s strong financial performance amid changing market conditions.

In the first half of this year, Goldman Sachs reported total net income of $7.18 billion, up 61% from $4.45 billion in the same period in 2023. Total net income also rose 16.8% in the second quarter to $12.73 billion, up from $10.9 billion in the second quarter of the previous year. Total net income for the period from January to June was $26.94 billion, up 16.5% from $23.12 billion in the same period in 2023.

Chairman and CEO David Solomon attributed the strong performance to solid year-over-year growth in the Global Banking & Markets and Asset & Wealth Management divisions, which underscore the bank’s ability to adapt and thrive in a competitive financial landscape.

Following the announcement of these positive results, Goldman Sachs’ share price rose 1.9 percent to $488.99 per share at 9:39 AM EDT (13:39 GMT) on the New York Stock Exchange. This upward movement in the share price indicates investor confidence in the bank’s strong financial outlook and operational efficiency as it continues to navigate the challenges of the current economic environment.

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