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Goldman Sachs: Q2 2022 Earnings Update

Industry: Investment Banking
Current: Company Performance

Goldman Sachs reported a decrease in revenue by 23% in Q2 2022 on an annual basis
Goldman Sachs reported a Diluted EPS of $7.73, down 48.5% YoY
Higher loan balances contributed to a 6.4% increase in net interest income

On July 18, 2022, Goldman Sachs reported Q2 revenue of $11.9 billion (a decrease of 23% year-over-year) on diluted earnings per common share (Diluted EPS) of $7.73.

Summary: Goldman Sachs’s Q2 2022 revenue decreased by 23% compared to the same period in 2021. The bank had a Common Equity Tier 1 (CET1) ratio of 14.2% and remained above the regulatory minimum of 9.1%. The bank had a $ 667 million provision for credit losses in the quarter, up $759 million from the previous year due to portfolio growth (primarily in credit cards) and the impact of broad macroeconomic concerns.

Goldman Sachs had four reportable operating segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management.

Investment Banking: Net revenue down 40.8% YoY, due to a decrease in industry-wide completed mergers and acquisitions transactions.
Global Markets: Net revenue up 32% YoY, due to higher net revenues in interest rate products, commodities, and currencies.
Asset Management: Net revenue down 78.9% YoY due to net losses in equity investments and significantly lower net revenues in Lending and debt investments.
Consumer & Wealth Management: Net revenue up 24.6% YoY owing to higher placement fees and the impact of higher average assets under supervision.

Guidance: No guidance is provided for Q3 2022 and full-year 2022.

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