Goldman Sachs (NYSE:GS) Q2 earnings reflected "strong year-on-year growth in both Global Banking & Markets and Asset & Wealth Management," Chairman and CEO David Solomon said on Monday. Debt and equity underwriting helped to fuel the year-over-year strength.

The Wall Street bank beat consensus estimates on earnings, revenue and its provision for credit losses. Q2 operating expenses, though lower from the previous quarter and a year ago, came in higher than the average analyst estimate.

Q2 GAAP EPS of $8.62, exceeding the $8.40 consensus, declined from $11.58 in Q1 and jumped from $3.08 in Q2 2023. Total net revenue, meanwhile, rose to $12.7B, topping the average analyst estimate of $12.4B, from $14.2B in the prior quarter and $10.9B a year ago.

Q2 net interest income of $2.24B, flying past the Visible Alpha consensus of $1.66B, rose from $1.61B in the previous quarter and $1.68B a year earlier.

Provision for credit losses of $282M, lower than the $476M Visible Alpha estimate, declined from $318M in Q1 and $615M in Q2 2023.

Total operating expenses of $8.53B, vs. the $8.11B Visible Alpha estimate, dropped from $8.66B in the previous quarter and $8.54B a year ago. Compensation and benefits expense of $4.24B declined from $4.59B in Q1 and increased from $3.62B in Q2 2023.

Loans of $184B at June 30, 2024, was flat with March 31, 2024. Deposits of $433B dropped from $441B at the end of Q1.

Goldman Sachs (GS) stock slipped 0.5% in premarket trading.

Headcount totaled 44,300 vs. 44,400 at the end of Q1 and 44,600 at the end of Q2 2023.

Global Banking & Markets net revenue of $8.178B fell 16% Q/Q and rose 14% Y/Y. Investment banking fees of $1.73B dropped 17% Q/Q and grew 21% Y/Y; the year-over-year growth was driven by higher net revenue in debt underwriting, primarily from leveraged finance activity, higher net revenue in equity underwriting, chiefly from convertible and IPOs, and slightly higher net revenue in advisory. FICC net revenue of $3.18B slid 26% Q/Q and climbed 17% Y/Y/ Equities revenue of $3.17B fell 4% Q/Q and rose 7% Y/Y.

Asset & Wealth Management net revenue of $3.88B rose 2% Q/Q and 27% Y/Y; management and other fees totaled $2.54B, rising 3% Q/Q and 8% Y/Y. The Y/Y increase reflected net gains in equity investments, compared with net losses in the prior year period, higher management and other fees and higher net revenues in debt investments, partly offset by lower net revenues in private banking and lending.

Platform Solutions net revenue of $669M slipped 4% Q/Q and increased 2% Y/Y.

Conference call at 9:30 AM ET.