Goldman Sachs posts bumper numbers, shares spark
By Abigail Townsend
Date: Wednesday 15 Jan 2025
(Sharecast News) - Goldman Sachs posted forecast-beating numbers on Wednesday, boosted by strong performances across investment banking and wealth management.
The Wall Street bank said revenues jumped 23% in the three months to December end to $13.87bn, ahead of forecasts, while diluted earnings per share swelled to $11.95 from $5.48 a year earlier.
For the full-year, net revenues were 16% higher at $53.51bn, while net earnings were $14.28bn.
Within that, global banking and markets generated net revenues of $34.94bn, driven by a record performance in both equities and fixed income, currency and commodities.
Investment banking fees jumped 24% to $7.73bn in the full year, and by 24% in the fourth quarter to $2.05bn.
Asset and wealth management, meanwhile, saw revenues rise 16% to $16.14bn in 2024.
Return on equity, a key measure of profitability, jumped 14.6%, also ahead of estimates.
David Solomon, chief executive, called the numbers "strong".
He continued: "I'm encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago and, as a result, we have both grown our revenues by nearly 50% and enhanced the durability of our franchise."
Shares in Goldman Sachs put on 4% in pre-market trading.
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