Goldman Sachs(GS) - 2024 Q4 - Annual Results

Global Banking & Markets Performance - Global Banking & Markets net revenues for 2024 were $34.94 billion, a 16% increase compared to 2023[3] - Investment banking fees for 2024 were$ 7.73 billion, a 24% increase compared to 2023, driven by higher revenues in Debt and Equity underwriting[4] - FICC net revenues for 2024 were $13.20 billion, a 9% increase compared to 2023, primarily due to higher revenues in FICC financing and intermediation[5] - Equities net revenues for 2024 were$ 13.43 billion, a 16% increase compared to 2023, driven by higher revenues in Equities intermediation and financing[6] - Fourth quarter 2024 net revenues in Global Banking & Markets were $8.48 billion, a 33% increase compared to the same period in 2023[7] - Global Banking & Markets net revenues grew 16% year-over-year to$ 34.943 billion in 2024, with investment banking fees up 24% to $7.732 billion[66] - Global Banking & Markets generated$ 34.94 billion in net revenues, driven by record Equities and strong Investment banking fees and FICC performance[69] Asset & Wealth Management Performance - Asset & Wealth Management net revenues for 2024 were $16.14 billion, a 16% increase compared to 2023, driven by higher Management and other fees and Equity investments[10][40] - Fourth quarter 2024 net revenues in Asset & Wealth Management were$ 4.72 billion, an 8% increase compared to the same period in 2023[25] - Asset & Wealth Management net revenues increased 16% to $16.142 billion in 2024, with management and other fees rising 10% to$ 10.425 billion[66] - Asset & Wealth Management achieved $16.14 billion in net revenues, including record Management and other fees and Private banking and lending revenues[69] Platform Solutions Performance - Platform Solutions net revenues for 2024 were$ 2.43 billion, a 2% increase compared to 2023, reflecting slightly higher revenues in Consumer platforms[27] - Fourth quarter 2024 net revenues in Platform Solutions were $669 million, a 16% increase compared to the same period in 2023[43] - Platform Solutions net revenues grew 2% to$ 2.427 billion in 2024, with consumer platforms contributing $2.147 billion[66] - Platform Solutions revenue for 2024 was$ 2.43 billion, with Consumer platforms contributing $2.15 billion and Transaction banking$ 280 million[49] Full-Year Financial Performance - Full year 2024 net revenues were $53.51 billion, a 16% increase compared to 2023, driven by higher revenues in Global Banking & Markets and Asset & Wealth Management[21] - Full-year 2024 net revenues increased 16% to$ 53.51 billion, driven by a 24% increase in investment banking revenue and a 27% increase in net interest income[56] - Full-year 2024 net revenues reached $53.51 billion, with net earnings of$ 14.28 billion and diluted EPS of $40.54[69] Credit Losses and Provisions - Provision for credit losses in Q4 2024 was$ 351 million, a decrease from $577 million in Q4 2023 and$ 397 million in Q3 2024, primarily driven by net charge-offs in the credit card portfolio[47] - Full-year 2024 provision for credit losses totaled $1.35 billion, with Q4 2024 contributing$ 351 million[48] Operating Expenses and Efficiency - Full-year 2024 operating expenses were $33.77 billion, a 2% decrease from 2023, with an efficiency ratio of 63.1% compared to 74.6% in 2023[52] Capital Returns to Shareholders - The company returned$ 11.80 billion of capital to common shareholders in 2024, including $8.00 billion in share repurchases and$ 3.80 billion in dividends[53] Quarterly Earnings and Shareholder Metrics - Q4 2024 net earnings applicable to common shareholders were $3.92 billion, a 110% increase from Q4 2023, with diluted earnings per share of$ 11.95[57] - Book value per common share grew 7.4% to $336.77 in 2024[69] Balance Sheet and Capital Ratios - Total assets as of December 31, 2024, were$ 1.67 trillion, with cash and cash equivalents at $182 billion and loans at$ 196 billion[58] - Common equity tier 1 capital increased to $103.0 billion as of December 31, 2024, up from$ 99.4 billion in December 2023[59] - Common equity tier 1 capital ratio under standardized capital rules rose to 15.0% in December 2024, compared to 14.4% in December 2023[59] Assets Under Supervision (AUS) - Total assets under supervision (AUS) reached $3.137 trillion as of December 31, 2024, up from$ 2.812 trillion in December 2023[61] - Net inflows into total AUS for the year ended December 31, 2024, were $214 billion, driven by$ 106 billion in long-term AUS inflows[61] - Net market appreciation for AUS in 2024 was $111 billion, contributing to the overall growth in AUS[61] - Assets under supervision increased 12% to a record$ 3.14 trillion in 2024[69] Regional Performance - Americas contributed 66% of Q4 2024 net revenues, totaling $9.10 billion, a 17% increase from Q4 2023[68] - Asia's net revenues grew 87% year-over-year to$ 1.99 billion in Q4 2024[68] - Full-year Americas net revenues increased 17% to $34.45 billion in 2024, maintaining a 64% share of total revenues[71] - Asia's full-year net revenues rose 32% to$ 6.81 billion in 2024, increasing its share to 13% of total revenues[71] Risk Metrics - Average daily VaR for interest rates was $83 million in Q4 2024, up from$ 75 million in Q3 2024[60] - Total average daily VaR for Q4 2024 was $96 million, compared to$ 92 million in Q3 2024[60] Quarterly Revenue Highlights - Goldman Sachs reported Q4 2024 net revenues of $13.87 billion, a 9% increase from Q4 2023[67]