Goldman Sachs : 2Q24 Earnings Press Release

Second Quarter 2024 Earnings Results

Media Relations: Tony Fratto 212-902-5400

Investor Relations: Jehan Ilahi 212-902-0300

The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282

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Second Quarter 2024 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $8.62 and Increases the Quarterly Dividend to $3.00 Per Common Share in the Third Quarter

"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. Our One Goldman Sachs operating approach is allowing us to bring the whole firm to our clients, deepening our relationships and serving them in an improving, but complex environment."

• David Solomon, Chairman and Chief Executive Officer

		Financial Summary
Net Revenues	Net Earnings	EPS
2Q24	$12.73 billion	2Q24	$3.04 billion	2Q24	$8.62
2Q24 YTD	$26.94 billion	2Q24 YTD	$7.18 billion	2Q24 YTD	$20.21
Annualized ROE1	Annualized ROTE1	Book Value Per Share
2Q24	10.9%	2Q24	11.6%	2Q24	$327.13
2Q24 YTD	12.8%	2Q24 YTD	13.8%	YTD Growth	4.3%

NEW YORK, July 15, 2024 - The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $12.73 billion and net earnings of $3.04 billion for the second quarter ended June 30, 2024. Net revenues were $26.94 billion and net earnings were $7.18 billion for the first half of 2024.

Diluted earnings per common share (EPS) was $8.62 for the second quarter of 2024 compared with $3.08 for the second quarter of 2023 and $11.58 for the first quarter of 2024, and was $20.21 for the first half of 2024 compared with $11.91 for the first half of 2023.

Annualized return on average common shareholders' equity (ROE)1 was 10.9% for the second quarter of 2024 and 12.8% for the first half of 2024. Annualized return on average tangible common shareholders' equity (ROTE)1 was 11.6% for the second quarter of 2024 and 13.8% for the first half of 2024.

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

Quarterly Highlights.

• Global Banking & Markets generated quarterly net revenues of $8.18 billion, driven by strong performance in Equities. Second highest quarterly net revenues in Equities financing and in Fixed Income, Currency and Commodities (FICC) financing.
• The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year-to-date.2
• Asset & Wealth Management generated quarterly net revenues of $3.88 billion, including record quarterly Management and other fees.
• Assets under supervision3 increased $86 billion during the quarter to a record $2.93 trillion.
• Book value per common share increased by 1.9% during the quarter to $327.13.
• On July 12, 2024, the Board of Directors of The Goldman Sachs Group, Inc. approved a 9% increase in the quarterly dividend to $3.00 per common share beginning in the third quarter of 2024.

Net Revenues

Net revenues were $12.73 billion for the second quarter of 2024, 17% higher than the	Net Revenues
second quarter of 2023 and 10% lower than the first quarter of 2024. The increase
compared with the second quarter of 2023 reflected higher net revenues in Global	$12.73 billion
Banking & Markets and Asset & Wealth Management.

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2

Goldman Sachs Reports

Second Quarter 2024 Earnings Results

Global Banking & Markets

Net revenues in Global Banking & Markets were $8.18 billion for the second quarter of 2024, 14% higher than the second quarter of 2023 and 16% lower than the first quarter of 2024.

Investment banking fees were $1.73 billion, 21% higher than the second quarter of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, higher net revenues in Equity underwriting, primarily from convertible and initial public offerings, and slightly higher net revenues in Advisory. The firm's Investment banking fees backlog3 increased significantly compared with the end of the first quarter of 2024 and increased slightly compared with the end of 2023.

Net revenues in FICC were $3.18 billion, 17% higher than the second quarter of 2023, reflecting higher net revenues in FICC intermediation (due to significantly higher net revenues in interest rate products and currencies and higher net revenues in mortgages, partially offset by significantly lower net revenues in commodities and lower net revenues in credit products) and significantly higher net revenues in FICC financing (driven by mortgages and structured lending).

Net revenues in Equities were $3.17 billion, 7% higher than the second quarter of 2023, reflecting higher net revenues in Equities intermediation, driven by significantly higher net revenues in derivatives, partially offset by lower net revenues in cash products. Net revenues in Equities financing were slightly lower, reflecting significantly lower net revenues from portfolio financing, largely offset by significantly higher net revenues from prime financing.

Net revenues in Other were $102 million for the second quarter of 2024, compared with $81 million for the second quarter of 2023.

Global Banking & Markets

$8.18 billion

Advisory	$ 688 million
Equity underwriting	$ 423 million
Debt underwriting	$ 622 million
Investment banking fees	$ 1.73 billion
FICC intermediation	$ 2.33 billion
FICC financing	$ 850 million
FICC	$ 3.18 billion
Equities intermediation	$ 1.79 billion
Equities financing	$ 1.38 billion
Equities	$ 3.17 billion
Other	$ 102 million

Asset & Wealth Management

Net revenues in Asset & Wealth Management were $3.88 billion for the second quarter of 2024, 27% higher than the second quarter of 2023 and 2% higher than the first quarter of 2024. The increase compared with the second quarter of 2023 reflected net gains in Equity investments compared with net losses in the prior year period, higher Management and other fees and higher net revenues in Debt investments, partially offset by lower net revenues in Private banking and lending.

The increase in Equity investments net revenues primarily reflected net gains from real estate investments compared with significant net losses in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. Debt investments net revenues were higher, reflecting significantly lower net losses from real estate investments, partially offset by significantly lower net interest income due to a reduction in the Debt investments balance sheet. The decrease in Private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including a gain of approximately $100 million related to the sale of substantially all of the remaining Marcus loans portfolio in the second quarter of 2023).

Asset & Wealth Management

$3.88 billion

Management and	$	2.54 billion
other fees
Incentive fees	$	46 million
Private banking and	$	707 million
lending
$	292 million
Equity investments
Debt investments	$	297 million

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

Platform Solutions

Net revenues in Platform Solutions were $669 million for the second quarter of 2024, 2% higher than the second quarter of 2023 and 4% lower than the first quarter of 2024.

Consumer platforms net revenues were slightly higher compared with the second quarter of 2023, reflecting higher average credit card balances and higher average deposit balances, largely offset by the impact of the sale of GreenSky in the first quarter of 2024. Transaction banking and other net revenues were lower, reflecting lower average deposit balances.

Platform Solutions

$669 million

Consumer platforms	$	599 million
Transaction banking	$	70 million
and other

Provision for Credit Losses

Provision for credit losses was $282 million for the second quarter of 2024, compared with $615 million for the second quarter of 2023 and $318 million for the first quarter of 2024. Provisions for the second quarter of 2024 reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the second quarter of 2023 reflected net provisions related to the credit card and point-of-sale loan portfolios (driven by net charge-offs and growth) and wholesale loans (driven by impairments), partially offset by a reserve reduction related to the repayment of a term deposit with First Republic Bank.

Operating Expenses

Provision for Credit Losses

$282 million

Operating expenses were $8.53 billion for the second quarter of 2024, essentially unchanged compared with both the second quarter of 2023 and the first quarter of 2024. The firm's efficiency ratio3 was 63.8% for the first half of 2024, compared with 73.3% for the first half of 2023.

Operating expenses, compared with the second quarter of 2023, reflected decreases driven by an impairment of goodwill related to Consumer platforms in the prior year period and significantly lower impairments related to consolidated real estate investments (both in depreciation and amortization), offset by increases from higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses.

Net provisions for litigation and regulatory proceedings were $104 million for the second quarter of 2024 compared with $19 million for the second quarter of 2023.

Headcount was essentially unchanged compared with the end of the first quarter of 2024.

Operating Expenses

$8.53 billion

YTD Efficiency Ratio

63.8%

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

Provision for Taxes

The effective income tax rate for the first half of 2024 was 21.6%, up from 21.1% for the first quarter of 2024, primarily due to a decrease in the impact of permanent tax benefits.

Other Matters

YTD Effective Tax Rate

21.6%

• On July 12, 2024, the Board of Directors of The Goldman Sachs Group, Inc. increased the quarterly dividend to $3.00 per common share from $2.75 per common share. The dividend will be paid on September 27, 2024 to common shareholders of record on August 30, 2024.
• During the quarter, the firm returned $4.43 billion of capital to common shareholders, including $3.50 billion of common share repurchases (8.0 million shares at an average cost of $437.57) and $929 million of common stock dividends.3
• Global core liquid assets3 averaged $424 billion for the second quarter of 2024, compared with an average of $423 billion for the first quarter of 2024.

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Declared Quarterly

Dividend Per Common Share

$3.00

Common Share Repurchases

8.0 million shares for $3.50 billion

Average GCLA

$424 billion

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the firm's beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm's control. It is possible that the firm's actual results, financial condition and liquidity may differ, possibly materially, from the anticipated results, financial condition and liquidity in these forward-looking statements. For information about some of the risks and important factors that could affect the firm's future results, financial condition and liquidity, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2023.

Information regarding the firm's assets under supervision, capital ratios, risk-weighted assets, supplementary leverage ratio, balance sheet data, global core liquid assets and VaR consists of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm's Investment banking fees backlog and future results also may constitute forward-looking statements. Such statements are subject to the risk that transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect the firm's Investment banking fees, see "Risk Factors" in Part I, Item 1A of the firm's Annual Report on Form 10-K for the year ended December 31, 2023.

Conference Call

A conference call to discuss the firm's financial results, outlook and related matters will be held at 9:30 am (ET). The call will be open to the public. Members of the public who would like to listen to the conference call should dial 1-800-289-0459 (in the U.S.) or 1-323-794-2095 (outside the U.S.) passcode number 7042022. The number should be dialed at least 10 minutes prior to the start of the conference call. The conference call will also be accessible as an audio webcast through the Investor Relations section of the firm's website, www.goldmansachs.com/investor-relations. There is no charge to access the call. For those unable to listen to the live broadcast, a replay will be available on the firm's website beginning approximately three hours after the event. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs Investor Relations, via e-mail, at [e-mail].

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Segment Net Revenues (unaudited)

$ in millions

		THREE MONTHS ENDED
		JUNE 30,	MARCH 31,		JUNE 30,
		2024		2024		2023
GLOBAL BANKING & MARKETS
Advisory	$	688	$	1,011	$	645
Equity underwriting		423		370		338
Debt underwriting		622		699		448
Investment banking fees		1,733		2,080		1,431
FICC intermediation		2,330		3,471		2,089
FICC financing		850		852		622
FICC		3,180		4,323		2,711
Equities intermediation		1,786		1,989		1,533
Equities financing		1,383		1,322		1,433
Equities		3,169		3,311		2,966
Other		102		12		81
Net revenues		8,184		9,726		7,189
ASSET & WEALTH MANAGEMENT
Management and other fees		2,536		2,452		2,354
Incentive fees		46		88		25
Private banking and lending		707		682		874
Equity investments		292		222		(403)
Debt investments		297		345		197
Net revenues		3,878		3,789		3,047
PLATFORM SOLUTIONS
Consumer platforms		599		618		577
Transaction banking and other		70		80		82
Net revenues		669		698		659
Total net revenues	$	12,731	$	14,213	$	10,895

Geographic Net Revenues (unaudited)3

$ in millions

		THREE MONTHS ENDED
		JUNE 30,	MARCH 31,		JUNE 30,
		2024		2024		2023
Americas	$	8,125	$	9,181	$	6,801
EMEA		2,931		3,470		2,868
Asia		1,675		1,562		1,226
Total net revenues	$	12,731	$	14,213	$	10,895
Americas		64%		65%		63%
EMEA		23%		24%		26%
Asia		13%		11%		11%
Total		100%		100%		100%

% CHANGE FROM

MARCH 31,	JUNE 30,
2024	2023
(32) %	7	%
14	25
(11)	39
(17)	21
(33)	12
-	37
(26)	17
(10)	17
5	(3)
(4)	7
750	26
(16)	14
3	8
(48)	84
4	(19)
32	N.M.
(14)	51
2	27
(3)	4
(13)	(15)
(4)	2
(10)	17

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries Segment Net Revenues (unaudited)

$ in millions

		SIX MONTHS ENDED
		JUNE 30,		JUNE 30,
		2024		2023
GLOBAL BANKING & MARKETS
Advisory	$	1,699	$	1,463
Equity underwriting		793		593
Debt underwriting		1,321		954
Investment banking fees		3,813		3,010
FICC intermediation		5,801		5,369
FICC financing		1,702		1,273
FICC		7,503		6,642
Equities intermediation		3,775		3,274
Equities financing		2,705		2,707
Equities		6,480		5,981
Other		114		-
Net revenues		17,910		15,633
ASSET & WEALTH MANAGEMENT
Management and other fees		4,988		4,636
Incentive fees		134		78
Private banking and lending		1,389		1,228
Equity investments		514		(284)
Debt investments		642		605
Net revenues		7,667		6,263
PLATFORM SOLUTIONS
Consumer platforms		1,217		1,067
Transaction banking and other		150		156
Net revenues		1,367		1,223
Total net revenues	$	26,944	$	23,119

Geographic Net Revenues (unaudited)3

$ in millions

		SIX MONTHS ENDED
		JUNE 30,		JUNE 30,
		2024		2023
Americas	$	17,306	$	13,995
EMEA		6,401		6,452
Asia		3,237		2,672
Total net revenues	$	26,944	$	23,119
Americas		64%		60%
EMEA		24%		28%
Asia		12%		12%
Total		100%		100%

• CHANGE FROM JUNE 30,
  2023

16 %

34

38

27

8

34

13

15

-

8

N.M.

15

8

72

13

N.M.

6

22

14

(4)

12

17

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Goldman Sachs Reports

Second Quarter 2024 Earnings Results

The Goldman Sachs Group, Inc. and Subsidiaries

Consolidated Statements of Earnings (unaudited)

In millions, except per share amounts and headcount

		THREE MONTHS ENDED
		JUNE 30,	MARCH 31,		JUNE 30,
		2024		2024		2023
REVENUES
Investment banking	$	1,733	$	2,085	$	1,432
Investment management		2,533		2,491		2,356
Commissions and fees		1,051		1,077		893
Market making		4,225		5,992		4,351
Other principal transactions		947		960		179
Total non-interest revenues		10,489		12,605		9,211
Interest income		20,440		19,555		16,836
Interest expense		18,198		17,947		15,152
Net interest income		2,242		1,608		1,684
Total net revenues		12,731		14,213		10,895
Provision for credit losses		282		318		615
OPERATING EXPENSES
Compensation and benefits		4,240		4,585		3,619
Transaction based		1,654		1,497		1,385
Market development		153		153		146
Communications and technology		500		470		482
Depreciation and amortization		646		627		1,594
Occupancy		244		247		253
Professional fees		393		384		392
Other expenses		703		695		673
Total operating expenses		8,533		8,658		8,544
Pre-tax earnings		3,916		5,237		1,736
Provision for taxes		873		1,105		520
Net earnings		3,043		4,132		1,216
Preferred stock dividends		152		201		145
Net earnings applicable to common shareholders	$	2,891	$	3,931	$	1,071
EARNINGS PER COMMON SHARE
Basic3	$	8.73	$	11.67	$	3.09
Diluted	$	8.62	$	11.58	$	3.08
AVERAGE COMMON SHARES
Basic		329.8		335.6		342.3
Diluted		335.5		339.5		347.2
SELECTED DATA AT PERIOD-END
Common shareholders' equity	$	106,710	$	107,343	$	105,790
Basic shares3		326.2		334.3		342.0
Book value per common share	$	327.13	$	321.10	$	309.33
Headcount		44,300		44,400		44,600

% CHANGE FROM

MARCH 31,	JUNE 30,
2024	2023
(17) %	21	%
2	8
(2)	18
(29)	(3)
(1)	429
(17)	14
5	21
1	20
39	33

1. 17
2. (54)

1. 17

1019

• 5

6	4
3	(59)

1. (4)

2	-
1	4

1. -

1. 126

1. 68

1. 150

1. 5

1. 170

(25) %	183 %

1. 180

1. (4)

1. (3)

1. 1
2. (5)

26

• (1)

9