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July 13, 2021, 7:45 a.m. EDT

Goldman reports big profit and revenue beats, boosts dividend by 60%

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By Tomi Kilgore

Shares of Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -0.66% edged up 0.3% in premarket trading Tuesday, after the bank reported big second-quarter profit and revenue beats, as weakness in the global markets business was offset by strength in asset management, investment banking and consumer and wealth management, and boosted its dividend by 60%. Net income soared to $5.35 billion, or $15.02 a share, from $197 million, or 53 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $10.25. Total revenue rose 15.7% to $15.39 billion, well above the FactSet consensus of $12.31 billion, as market-making revenue fell 43.4% to $3.27 billion while investment banking revenue grew 26.2% to $3.45 billion and investment management revenue increased 16.5% to $1.91 billion. Equity underwriting revenue jumped 17.6% to $1.24 billion, above the FactSet consensus of $1.13 billion, amid strong initial public offering activity. Fixed income, currency and commodities revenue tumbled 45% to $2.32 billion, but topped expectations of $2.31 billion, while equities revenue fell 12% to $2.58 billion to beat expectations of $2.32 billion. Separately, Goldman raised its quarterly dividend to $2.00 a share from $1.25 a share, with the new dividend payable Sept. 29 to shareholders of record on Sept. 1. Goldman's stock has slipped 0.9% year to date through Monday, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.34% has gained 14.3%.

/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 376.48
-2.51 -0.66%
Volume: 2.48M
Dec. 1, 2021 4:00p
P/E Ratio
6.21
Dividend Yield
2.12%
Market Cap
$127.55 billion
Rev. per Employee
$1.31M
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,022.04
-461.68 -1.34%
Volume: 498.38M
Dec. 1, 2021 5:04p
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