(fxcue news) - Goldman Sachs Group, Inc. (GS) reported Monday that net profit for the second quarter nearly tripled from last year, reflecting significantly lower provisions for bad loans and revenue growth across operating segments. Both earnings per share and quarterly revenues topped analysts' expectations. The company also declared a 9 percent higher quarterly dividend. "We are pleased with our solid second quarter results and our overall performance in the first half of the year, reflecting strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management," said David Solomon, Chairman and CEO. For the quarter, net earnings applicable to common shareholders surged to $2.89 billion or $8.62 per share from $1.07 billion or $3.08 per share in the prior-year quarter. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $7.64 per share for the quarter. Analysts' estimates typically exclude special items. Provision for credit losses for the quarter more than halved to $282 million from $615 million last year, primarily reflecting lower net provisions related to the credit card portfolio. Operating expenses were $8.53 billion for the second quarter, edging down from last year, reflecting significantly lower impairments related to consolidated real estate investments, nearly offset by higher compensation and benefits expenses as well as higher transaction based expenses. Net revenues for the quarter grew 17 percent to $12.73 billion from $10.90 billion in the same quarter last year, reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management. Analysts expected revenue of $11.40 billion for the quarter. Net interest income increased 33 percent to $2.24 billion and total non-interest revenues improved 14 percent to $10.49 billion from last year. Net revenues in Global Banking & Markets were $8.18 billion for the quarter, up 14 percent from the previous year. Net revenues in Asset & Wealth Management were $3.88 billion, 27 percent higher than the prior year, reflecting net gains in Equity investments, higher Management and other fees and higher net revenues in Debt investments, partially offset by lower net revenues in Private banking and lending. Net revenues in Platform Solutions were $669 billion, 2 percent higher than last year, reflecting improved net revenues in Consumer platforms. On Friday, the Board of Directors of The Goldman Sachs Group, Inc. declared a 9 percent higher dividend of $3.00 per common share to be paid on September 27, 2024 to common shareholders of record on August 30, 2024. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com