Goldman Sachs(GS) 海通国际·2025-01-16 00:41Investment Rating - The report does not explicitly state the investment rating for Goldman Sachs (GS US) [1][2][3] Core Views - Goldman Sachs reported strong Q4 2024 results, with both revenue and profit exceeding expectations [1][2] - Revenue grew by 22.5% YoY, significantly higher than the Bloomberg consensus estimate of 9.1% [3] - Net profit attributable to common stockholders surged by 110.1% YoY, far surpassing the Bloomberg consensus estimate of 44.7% [3] - Global Banking & Markets (GBM) and Asset & Wealth Management (AWM) segments showed particularly strong performance [1][3] Business Segment Performance Global Banking & Markets (GBM) - GBM revenue increased by 33.4% YoY, driven by strong performance in investment banking, FICC, and equities [3] - Investment banking revenue was boosted by significant growth in equity and debt underwriting [3] - FICC and equities businesses benefited from increased net financing revenue [3] Asset & Wealth Management (AWM) - AWM revenue grew by 7.6% YoY, outperforming the Bloomberg consensus estimate of -6.5% [3] - Private banking and loan net revenue were positively impacted by higher deposit balances [3] Platform Solutions - Platform Solutions revenue increased by 15.9% YoY, exceeding the Bloomberg consensus estimate of 8.2% [3] Financial Metrics - Net interest income surged by 75.1% YoY, significantly higher than the Bloomberg consensus estimate of 49.0% [3] - Non-interest income grew by 15.5% YoY, surpassing the Bloomberg consensus estimate of 6.9% [3] - Total provision for credit losses was 384 million [3] - ROE increased by 7.5 percentage points YoY to 14.6%, higher than the Bloomberg consensus estimate of 9.9% [3] - ROTCE rose by 7.9 percentage points YoY to 15.5%, exceeding the Bloomberg consensus estimate of 10.5% [3] - CET1 ratio improved by 0.5 percentage points YoY to 15.0%, above the Bloomberg consensus estimate of 14.7% [3] - Cost-to-income ratio decreased by 11.5 percentage points YoY to 63.1%, better than the Bloomberg consensus estimate of 67.0% [3] Loan and Deposit Growth - Total loans grew by 7.1% YoY, outperforming the Bloomberg consensus estimate of 5.8% [3] - Total deposits increased by 1.2% YoY, below the Bloomberg consensus estimate of 4.1% [3] Dividend - The dividend per share (DPS) was $3.00, in line with the Bloomberg consensus estimate [3]