Goldman Sachs‘ (GS) efforts to refocus on its Wall Street operations is paying off, as second-quarter investment banking revenue jumped over 20% from a year ago, helping profits more than double.
The bank reported second-quarter profit of $3.04 billion, 150% higher than last year and just above the $2.99 billion analysts had expected. Goldman reported earnings per share (EPS) of $8.62, above the $8.42-per-share consensus estimate of analysts compiled by Visible Alpha.
Net interest income (NII) rose 33% from last year to $2.24 billion, well above analysts’ expectations of $1.66 billion. The jump in NII helped drive total revenue up 17% to $12.73 billion, above the $12.42 billion estimate.
Similar to the first quarter of 2024, Goldman’s results were boosted by higher revenue from investment banking and wealth management operations. Goldman has been focusing on its Wall Street operations after stepping back from its outreach into consumer lending last year.
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