Goldman Sachs Group Inc. reported third-quarter 2024 earnings that surpassed analysts' estimates, driven by strong performances in trading and investment banking. The bank's earnings per share rose to $8.40, exceeding the consensus estimate of approximately $6.89. Net revenue increased to $12.7 billion, beating expectations of about $11.8 billion. Net earnings were $2.99 billion. Investment banking revenue jumped 20% year-over-year to $1.86 billion, topping the estimated $1.68 billion. Equities sales and trading revenue reached $3.50 billion, surpassing the estimated $2.95 billion. FICC sales and trading revenue was $2.96 billion, in line with estimates. Net interest income totaled $2.62 billion, exceeding the forecasted $1.84 billion. Assets under management grew to $3.10 trillion, ahead of the expected $2.99 trillion. Total deposits rose by 2.8% quarter-over-quarter to $445 billion. The bank's annualized return on equity was 10.4%, with a year-to-date figure of 12.0%, while the annualized return on tangible equity was 11.1%. Goldman Sachs shares increased by approximately 2.5% in premarket trading following the earnings announcement.
