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.

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

, GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-06-30, page 2: 
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Balance Sheets 

(Unaudited)

|    |                                                                                                             |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                                             | As of     |           |           |    |           |
|  2 |                                                                                                             | June      | December  |           |    |           |
|  3 | $ in millions                                                                                               | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                                      |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                   | $         | 206,326   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                  |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $198,360 and $223,543 at fair value)              | 198,626   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $45,819 and $44,930 at fair value)                                            | 204,621   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 142,000   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $117,586 and $110,567 pledged as collateral)                     | 521,981   |           | 477,510   |    |           |
| 11 | Investments (includes $86,855 and $75,767 at fair value)                                                    | 160,924   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,808 and $5,050, and includes $6,035 and $6,506 at fair value)                 | 184,127   |           | 183,358   |    |           |
| 13 | Other assets (includes $243 and $366 at fair value)                                                         | 34,708    |           | 36,590    |    |           |
| 14 | Total assets                                                                                                | $         | 1,653,313 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $32,042 and $29,460 at fair value)                                                       | $         | 433,105   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                  |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 238,139   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,775 and $8,934 at fair value)                                               | 63,935    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $22,868 and $12,554 at fair value)                                       | 23,123    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                 | 242,986   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 199,660   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $49,579 and $46,127 at fair value)                                | 76,769    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $88,361 and $86,410 at fair value)                                 | 234,632   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $142 and $266 at fair value)                                                    | 21,501    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                           | 1,533,850 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                        |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $12,753 and $11,203                                    | 12,753    |           | 11,203    |    |           |
| 31 | Common stock; 927,414,906 and 922,895,030 shares issued, and 316,162,882 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                          | 5,058     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                  | 61,350    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                           | 148,652   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (2,900)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 611,252,026 and 599,518,678 shares                                         | (105,459) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                  | 119,463   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,653,313 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements. 

|    |                                   |    |
|---:|:----------------------------------|---:|
|  1 | Goldman Sachs June 2024 Form 10-Q |  2 |



Question: For the half-year ending June 2024, what was Goldman Sachs' Return on Equity (ROE)?
Answer: The Return on Equity (ROE) for Goldman Sachs for the six months ended June 2024 is calculated as follows:
ROE = (Net Income / Shareholder's Equity) * 100
Net Income (2024) = $7,175 million
Shareholder's Equity (2024) = $119,463 million
ROE = (7,175 / 119,463) * 100 = 6.01%