Goldman Sachs: Q2 better than expected

(CercleFinance.com) - On Tuesday Goldman Sachs reported better-than-expected quarterly results and in the process announced a dividend increase.


The Wall Street investment bank reported Q2 net income of 5.5 billion dollars to 30 June, almost fifteen times higher than the 373 million dollars in this period last year.

EPS reached 15.02 dollars, while the consensus was looking for just 10 dollars per share.

Goldman Sachs also reported a 16% increase in net banking income to 15.4 billion dollars for the quarter, again above the 12 billion dollars expected.

While net income from its markets business slid 43% y-o-y to 3.3 billion dollars, its investment banking business posted revenues that are up 26% at 3.5 billion dollars.

On the back of these results, Goldman Sachs announced a 60% increase in its quarterly dividend to two dollars a share from the third quarter.

Following JPMorgan's strong quarterly results, which were also released this morning, this good performance illustrates the health of the US banking industry.

Goldman Sachs shares were up 0.4% in pre-market trading after this announcement, while JPMorgan shares were down 1%.



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