NEW YORK CITY (dpa-AFX) - Goldman Sachs Group, Inc. (GS) reported Monday
that net profit for the second quarter nearly tripled from last year, reflecting
significantly lower provisions for bad loans and revenue growth across operating
segments. Both earnings per share and quarterly revenues topped analysts'
expectations. The company also declared a 9 percent higher quarterly dividend.

'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
in both Global Banking & Markets and Asset & Wealth Management,' said David
Solomon, Chairman and CEO.

For the quarter, net earnings applicable to common shareholders surged to $2.89
billion or $8.62 per share from $1.07 billion or $3.08 per share in the
prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report
earnings of $7.64 per share for the quarter. Analysts' estimates typically
exclude special items.

Provision for credit losses for the quarter more than halved to $282 million
from $615 million last year, primarily reflecting lower net provisions related
to the credit card portfolio.

Operating expenses were $8.53 billion for the second quarter, edging down from
last year, reflecting significantly lower impairments related to consolidated
real estate investments, nearly offset by higher compensation and benefits
expenses as well as higher transaction based expenses.

Net revenues for the quarter grew 17 percent to $12.73 billion from $10.90
billion in the same quarter last year, reflecting higher net revenues in Global
Banking & Markets and Asset & Wealth Management. Analysts expected revenue of
$11.40 billion for the quarter.

Net interest income increased 33 percent to $2.24 billion and total non-interest
revenues improved 14 percent to $10.49 billion from last year.

Net revenues in Global Banking & Markets were $8.18 billion for the quarter, up
14 percent from the previous year.

Net revenues in Asset & Wealth Management were $3.88 billion, 27 percent higher
than the prior year, reflecting net gains in Equity investments, higher
Management and other fees and higher net revenues in Debt investments, partially
offset by lower net revenues in Private banking and lending.

Net revenues in Platform Solutions were $669 billion, 2 percent higher than last
year, reflecting improved net revenues in Consumer platforms.

On Friday, the Board of Directors of The Goldman Sachs Group, Inc. declared a 9
percent higher dividend of $3.00 per common share to be paid on September 27,
2024 to common shareholders of record on August 30, 2024.

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