The American bank Goldman Sachs recorded an attributable net profit of $2.78 billion (2,546 million euros) in the third quarter of 2024, which represents an improvement in 48% compared to the same period of the previous year, despite the impact of atypical events, as reported by the entity.
Negative impact of Goldman Sachs
In this sense, the influential Wall Street firm indicated that during the quarter a negative impact of $415 million (€380 million) in connection with the planned transition of its credit card business partnership with General Motors to another issuer, as well as the cost of exiting small business loans and further writedowns on the sold GreenSky business last year.
In the third quarter of the year, Goldman’s total revenue was $12.699 million (11,632 million euros), 7% more than a year earlier, with a 70% increase in net interest income, which amounted to 2.623 million dollars (2.403 million euros).
For their part, income other than interest margin decreased by 2%, to 10.076 million dollars (9.230 million euros), despite the 20% growth of investment banking, to 1,864 million dollars (1,707 million euros), while fee income totaled 873 million dollars (800 million euros), or 1 % less. For its part, the market formation segment fell by 19%, to 4.005 million dollars (3.668 million euros).
Thus, during the first nine months of the year, Goldman Sachs obtained an attributable net profit of 9.602 million dollars (8.795 million euros), 59% above the result recorded until September 2023, while turnover reached 39.643 million dollars (36.313 million euros). ), 13% more.
In the case of provisions for credit riskbetween January and September they added a total of 997 million dollars (913 million euros), 121% more than a year before, including 397 million dollars (363 million euros) in the third quarter.
On the other hand, the annualized return on average share capital (DEER) stands at 10.4% in the third quarter and 12% in the first nine months of 2024, while the annualized return on average tangible equity (ROAD) was 11.1% between July and September and 12.9% over the first nine months of 2024.
“Our performance demonstrates the strength of our world-class franchise in an improving operating environment,” said David Solomon, Chairman and CEO of Goldman Sachs.
