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

Raisin founders Michael Stephan Tamaz Georgadze and Frank Freund

Raisin founders Michael Stephan Tamaz Georgadze and Frank Freund

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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