Banking stock to watch: Goldman Sachs Group Inc (NYSE: GS)

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Goldman Sachs Group Inc (NYSE: GS) stock rose over 0.6% on 15th July, 2020 (As of 11:09 am GMT-4; Source: Google finance) on decent second quarter of 2020. The bank reported a solid top line with Net revenues rising 41% yoy to $13.30 billion during the second quarter of 2020, driven by solid net revenues in Global Markets and Investment Banking and higher net revenues in Consumer & Wealth Management. Investment Banking revenues rose 36% yoy to $2.66 billion during the second quarter of 2020, driven by rise in net revenues in Underwriting, which offset a net loss in Corporate lending and lower net revenues in Financial advisory. Fixed Income, Currency and Commodities (FICC) delivered solid net revenues of $4.24 billion, which is its highest quarterly performance in nine years, reflecting continued strong client activity in intermediation and financing.

Goldman Sachs Tower in Jersey City, New Jersey on June 1st, 2013. Completed in 2004 the 42-story tower is the tallest building in New Jersey

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Global Markets net revenues surged 93% yoy to $7.18 billion during the second quarter of 2020. Net revenues in FICC rose to $4.24 billion during the quarter, against $1.70 billion in prior corresponding period driven by net revenues across all major businesses, particularly in interest rate products, credit products and commodities. Equities revenues rose 46% yoy to $2.94 billion, driven by cash products and derivatives. Asset Management net revenues fell to $2.10 billion during the second quarter of 2020, against $2.55 billion for the second quarter of 2019 hurt by lower net revenues in Equity investments. Consumer & Wealth Management net revenues rose 9% yoy to $1.36 billion for the second quarter of 2020, 9driven by better Management and other fees (including the impact of the consolidation of GS Personal Financial Management), primarily reflecting higher average assets under supervision and higher transaction volumes.

The group increased its Provision for credit losses to $1.59 billion during the second quarter of 2020, against $214 million for the second quarter of 2019 and $937 million for the first quarter of 2020, given the ongoing pandemic uncertainty. Goldman declared a dividend of $1.25 per common share to be paid on September 29, 2020 to common shareholders of record on September 1, 2020.

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