Goldman Sachs revenue rises 16 per cent from high investing, lending business

Bank vault with the door open

Bank vault with the door open

Goldman Sachs Group Inc (NYSE:GS) has been given an average recommendation of "Hold" by the eighteen ratings firms that are presently covering the stock, Marketbeat Ratings reports.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th.

Net income was US$2.2 billion (RM9.03 billion), down 6.4 per cent from the year-ago period. The FactSet consensus for institutional client services revenue was $3.33 billion.

Investment banking revenues fell 9%, weighed down by "significantly lower net revenues in debt underwriting, primarily reflecting lower net revenues from investment-grade and leveraged finance activity", although the fall was not as bad as analysts had predicted.

Trade war remains a key focus for investors this earnings season as well as they look to determine how deeply it would hurt the profits and forecasts of companies. The firm had revenue of $8.81 billion for the quarter, compared to analyst estimates of $8.89 billion. Goldman Sachs BDC had a net margin of 25.34% and a return on equity of 12.08%.

"We're encouraged by the results for the first half of the year as we continue to invest in new businesses and growth to serve a broader array of clients", Solomon said in a press release Tuesday.

The bank has already made moves to further develop its consumer division, by expanding online bank Marcus and launching a credit card with Apple Inc (AAPL.O). Solomon said on an analyst call discussing earnings that the United deal would close Tuesday.

It is aiming to generate $5 billion in new revenue by 2020.

Additionally, the U.S. Federal Reserve is expected to report that industrial production likely edged 0.1% higher in June, compared to May's 0.4% rise. Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) all also reported stronger-than-expected results in the past two days. Total operating expenses were almost flat at $6.12 billion.

Goldman Sachs has posted net earnings of $2.42bn for Q2 of 2019, a fall of 6% from $2.56bn a year earlier. Northern Oak Wealth Management Inc. lifted its position in shares of Goldman Sachs BDC by 5.0% during the 4th quarter.

Investing and lending revenues rose to $2.53 billion, its highest level in eight years.

On average, analysts expect that Goldman Sachs Group will report full year sales of $35.35 billion for the current year, with estimates ranging from $35.22 billion to $35.60 billion.

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