Goldman Sachs reported $13.3 billion of revenue for the second quarter of 2020, a 41% year-on-year increase, as income from trading almost doubled.
The Wall Street firm said its $2.7 billion of advisory and underwriting fees marked a record, and its $4.2 billion fixed-income trading revenue was the highest in nine years. Return on equity in the period was an annualized 11.1%, compared with the 13% target for 2022 set by Chief Executive David Solomon in January, and the same as a year earlier.
Goldman recorded a $1.6 billion provision to cover future credit losses, a 70% increase from the first quarter. Around one-fifth of the total provision came from its consumer and wealth division. Goldman has been expanding into digital banking, including launching a credit card with iPhone maker Apple. Consumer banking contributed $258 million of revenue in the quarter.
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