10:20 AM EDT, 07/15/2024 (MT Newswires) -- Goldman Sachs' ( GS ) second-quarter earnings more than doubled on a yearly basis, driven by double-digit gains in investment banking fees and asset and wealth management revenue.

Per-share earnings jumped to $8.62 for the June quarter from $3.08 a year earlier, exceeding the Capital IQ-polled consensus of $8.42. Revenue climbed 17% to $12.73 billion, topping the Street's view for $12.37 billion.

"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 and markets and asset and wealth management," Chief Executive David Solomon said in a statement.

Global banking and markets revenue rose 14% to $8.18 billion, buoyed by 21% growth in investment banking fees. "We are seeing a material increase in client demand for committed acquisition financing, which we expect to continue on the back of increasing (merger and acquisition) activity," Chief Financial Officer Denis Coleman said during an earnings call, according to a Capital IQ transcript. Fixed income, currency and commodities net revenue moved 17% higher, while equities increased 7%, according to the investment bank.

Asset and wealth management revenue surged 27% to $3.88 billion, driven by debt and equity investments, as well as higher management and other fees. Total assets under supervision grew to $2.934 trillion from $2.714 trillion the year before. Platform solutions' revenue rose 2% to $669 million, aided by a slight increase in consumer platforms.

Operating expenses ticked down to $8.53 billion from $8.54 billion in the prior-year quarter. The lender's provision for credit losses declined to $282 million from $615 million.

Goldman Sachs' ( GS ) board on Friday increased its quarterly dividend to $3 per share from $2.75. The dividend will be paid Sept. 27 to shareholders of record as of Aug. 30.

Price: 481.38, Change: +1.50, Percent Change: +0.31