GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 1: 
PART I. FINANCIAL INFORMATION 


Item 1. Financial Statements (Unaudited) 



THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Statements of Earnings

(Unaudited)
|    |                                                |                        |       |                      |        |       |       |        |    |        |    |       |
|---:|:-----------------------------------------------|:-----------------------|:------|:---------------------|:-------|:------|:------|:-------|:---|:-------|:---|:------|
|  2 |                                                | Three MonthsEnded June |       | Six MonthsEnded June |        |       |       |        |    |        |    |       |
|  3 | in millions, except per share amounts          | 2024                   |       | 2023                 |        | 2024  |       | 2023   |    |        |    |       |
|  4 | Revenues                                       |                        |       |                      |        |       |       |        |    |        |    |       |
|  5 | Investment banking                             | $                      | 1,733 |                      |        | $     | 1,432 |        | $  | 3,818  | $  | 3,010 |
|  6 | Investment management                          | 2,533                  |       |                      | 2,356  |       |       | 5,024  |    | 4,645  |    |       |
|  7 | Commissions and fees                           | 1,051                  |       |                      | 893    |       |       | 2,128  |    | 1,981  |    |       |
|  8 | Market making                                  | 4,225                  |       |                      | 4,351  |       |       | 10,217 |    | 9,784  |    |       |
|  9 | Other principal transactions                   | 947                    |       |                      | 179    |       |       | 1,907  |    | 234    |    |       |
| 10 | Total non-interest revenues                    | 10,489                 |       |                      | 9,211  |       |       | 23,094 |    | 19,654 |    |       |
| 12 | Interest income                                | 20,440                 |       |                      | 16,836 |       |       | 39,995 |    | 31,774 |    |       |
| 13 | Interest expense                               | 18,198                 |       |                      | 15,152 |       |       | 36,145 |    | 28,309 |    |       |
| 14 | Net interest income                            | 2,242                  |       |                      | 1,684  |       |       | 3,850  |    | 3,465  |    |       |
| 15 | Total net revenues                             | 12,731                 |       |                      | 10,895 |       |       | 26,944 |    | 23,119 |    |       |
| 16 | Provision for credit losses                    | 282                    |       |                      | 615    |       |       | 600    |    | 444    |    |       |
| 17 | Operating expenses                             |                        |       |                      |        |       |       |        |    |        |    |       |
| 18 | Compensation and benefits                      | 4,240                  |       |                      | 3,619  |       |       | 8,825  |    | 7,709  |    |       |
| 19 | Transaction based                              | 1,654                  |       |                      | 1,385  |       |       | 3,151  |    | 2,790  |    |       |
| 20 | Market development                             | 153                    |       |                      | 146    |       |       | 306    |    | 318    |    |       |
| 21 | Communications and technology                  | 500                    |       |                      | 482    |       |       | 970    |    | 948    |    |       |
| 22 | Depreciation and amortization                  | 646                    |       |                      | 1,594  |       |       | 1,273  |    | 2,564  |    |       |
| 23 | Occupancy                                      | 244                    |       |                      | 253    |       |       | 491    |    | 518    |    |       |
| 24 | Professional fees                              | 393                    |       |                      | 392    |       |       | 777    |    | 775    |    |       |
| 25 | Other expenses                                 | 703                    |       |                      | 673    |       |       | 1,398  |    | 1,324  |    |       |
| 26 | Total operating expenses                       | 8,533                  |       |                      | 8,544  |       |       | 17,191 |    | 16,946 |    |       |
| 28 | Pre-tax earnings                               | 3,916                  |       |                      | 1,736  |       |       | 9,153  |    | 5,729  |    |       |
| 29 | Provision for taxes                            | 873                    |       |                      | 520    |       |       | 1,978  |    | 1,279  |    |       |
| 30 | Net earnings                                   | 3,043                  |       |                      | 1,216  |       |       | 7,175  |    | 4,450  |    |       |
| 31 | Preferred stock dividends                      | 152                    |       |                      | 145    |       |       | 353    |    | 292    |    |       |
| 32 | Net earnings applicable to common shareholders | $                      | 2,891 |                      |        | $     | 1,071 |        | $  | 6,822  | $  | 4,158 |
| 34 | Earnings per common share                      |                        |       |                      |        |       |       |        |    |        |    |       |
| 35 | Basic                                          | $                      | 8.73  |                      |        | $     | 3.09  |        | $  | 20.44  | $  | 12.00 |
| 36 | Diluted                                        | $                      | 8.62  |                      |        | $     | 3.08  |        | $  | 20.21  | $  | 11.91 |
| 38 | Average common shares                          |                        |       |                      |        |       |       |        |    |        |    |       |
| 39 | Basic                                          | 329.8                  |       | 342.3                |        | 332.6 |       | 344.4  |    |        |    |       |
| 40 | Diluted                                        | 335.5                  |       | 347.2                |        | 337.5 |       | 349.2  |    |        |    |       |

Consolidated Statements of Comprehensive Income 

(Unaudited)
|    |                                                            |                        |       |                      |       |      |       |       |    |       |    |       |
|---:|:-----------------------------------------------------------|:-----------------------|:------|:---------------------|:------|:-----|:------|:------|:---|:------|:---|:------|
|  2 |                                                            | Three MonthsEnded June |       | Six MonthsEnded June |       |      |       |       |    |       |    |       |
|  3 | $ in millions                                              | 2024                   |       | 2023                 |       | 2024 |       | 2023  |    |       |    |       |
|  4 | Net earnings                                               | $                      | 3,043 |                      |       | $    | 1,216 |       | $  | 7,175 | $  | 4,450 |
|  5 | Other comprehensive income/(loss) adjustments, net of tax: |                        |       |                      |       |      |       |       |    |       |    |       |
|  6 | Currency translation                                       | (4)                    |       |                      | (12)  |      |       | 22    |    | (43)  |    |       |
|  7 | Debt valuation adjustment                                  | 268                    |       |                      | (610) |      |       | (288) |    | (611) |    |       |
|  8 | Pension and postretirement liabilities                     | 6                      |       |                      | 10    |      |       | 22    |    | 24    |    |       |
|  9 | Available-for-sale securities                              | 147                    |       |                      | (24)  |      |       | 262   |    | 403   |    |       |
| 10 | Other comprehensive income/(loss)                          | 417                    |       |                      | (636) |      |       | 18    |    | (227) |    |       |
| 11 | Comprehensive income                                       | $                      | 3,460 |                      |       | $    | 580   |       | $  | 7,193 | $  | 4,223 |
The accompanying notes are an integral part of these consolidated financial statements.

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|---:|---:|:----------------------------------|
|  1 |  1 | Goldman Sachs June 2024 Form 10-Q |



Question: How was the Operating Profit Margin for Goldman Sachs in the first half of 2024?
Answer: The Operating Profit Margin for Goldman Sachs for the six months ended June 2024 is calculated as follows:
Operating Profit Margin = (Operating Profit / Revenue) * 100
Operating Profit (2024) = $9,153 million
Revenue (2024) = $26,944 million
Operating Profit Margin = (9,153 / 26,944) * 100 = 33.97%