The Wall Street firm, which provides services including wealth management, chalked up a strong set of figures for the second quarter.      

Goldman Sachs yesterday said that net revenues in the second quarter of 2024 stood at $12.73 billion, rising 17 per cent from a year ago but down 10 per cent lower than the first quarter of 2024. 

The year-on-year revenue rise was the result of higher net revenues in the US firm’s global banking and markets, and asset and wealth management business divisions, it said in a statement. Net earnings for Q2 2024 stood at $3.043 billion, rising 150 per cent on a year earlier.

Asset and wealth management net revenues in Q2 were $3.88 billion, rising 27 per cent on a year ago and up 2 per cent on the preceding quarter.

The revenue gain was propelled by 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. Goldman Sachs said the fall in private banking and lending net revenues reflected the impact of the sale of the Marcus loans portfolio in 2023 (including a gain of about $100 million related to the sale of substantially all of the remaining Marcus loans portfolio in the second quarter of 2023).

Assets under supervision rose by $86 billion during the quarter to a record $2.93 trillion.

At the end of June, the firm had a Common Equity Tier 1 capital ratio of 14.8 per cent, up from 14.6 per cent at the end of March.