US banking giant Goldman Sachs on Wednesday reported its results for the fourth quarter ended December 31, 2024. Its profit surged to $4.11 billion, or $11.95 per diluted share, for the October- December period, when compared with $2.01 billion, or $5.48 per diluted share, a year ago.
The Wall Street giant said its profit was driven by rise in dealmaking fees, debt sales and strength in trading.
Before the opening bell, Goldman Sachs shares were trading 3 per cent higher.
"We are very pleased with our strong results for the quarter and the year," Chief Executive Officer (CEO) David Solomon said in a statement.
"I'm encouraged that we have met or exceeded almost all of the targets we set in our strategy to grow the firm five years ago," Solomon also said.
Goldman's investment banking fees jumped 24 per cent to $2.05 billion in the December quarter.
Within investment banking, equity and debt underwriting revenue jumped 98 per cent and 51 per cent, respectively, in the fourth quarter, helped by secondary and initial public offerings, private placements and leveraged finance activity, said the bank.
Its advisory revenue fell by 4 per cent for the quarter, but rose for full year 2024.
The bank also reported 26 per cent growth in total investment banking revenue globally at $86.8 billion in 2024, with North America surging 33 per cent from a year ago.
In asset and wealth management arm, revenue climbed 8 per cent to $4.72 billion, while revenue at its global banking and markets division rose by 33 per cent to $8.48 billion in the fourth quarter.
Revenues in the equity trading and fixed income, currency and commodities (FICC) trading surged 32 per cent and 35 per cent, respectively.
Its provisions for credit losses stood at $351 million for the fourth quarter, down from $577 million a year ago, mainly due to potential losses in its credit card portfolio.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.