Goldman Sachs' (GS) efforts to refocus on its Wall Street operations is paying off, as secon♍d-quarter investment banking revenue jumped over 20% from a year ago, helping profits more than double.

The bank reported second-quarter profit of $3.04 billion, 150% higher than last year and just above the $2.99 billion analysts had expected. Goldman reported 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $8.62, above the $8.42-per-share consensus estimate of analysts compiled by Visible Alpha.

澳洲幸运5开奖号码历史查询:Net interest income (NII) rose 33% from last year to $2.24 billion, well above analysts' expectations of $1.66 billion. The jump in NII helped drive 澳洲幸运5开奖号码历史查询:total revenue up 17% to $12.73 billion, above the $12.42 𒊎billion estimate.

Investment Banking, Higher NII Boost Goldman's Results

Similar to the 澳洲幸运5开奖号码历史查询:first quarter of 2024, Goldman's results were boosted by higher revenue from investment banking and wealth management operations. Goldman has been focusing on its Wall Street operations after 澳洲幸运5开奖号码历史查询:stepping back from its outreach into consumer lending last year.

Unlike 澳洲幸运5开奖号码历史查询:its banking colleagues JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC), which reported second-quarter🐻 earnings last Friday, Goldman recorded higher net i♕nterest income than the previous quarter.

澳洲幸运5开奖号码历史查询:Analysts have said that banks' NII could fall over the next fiscal year or two if the 澳洲幸运5开奖号码历史查询:Federal Reserve cuts interest rates, which it's ex🅷pected to do at least once later this year.

“We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management," Goldman 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) David Solomon said.

The company also announced p♛lans to raise its quarterly divid🌠end by 9% to $3.00 per share, up from $2.75 previously.

Goldman shares rose less tha💎n 1% to $483.80🅺 as of 10:15 a.m. ET Monday. They are up about 25% since the start of the year.