Goldman Sachs : 2Q22 Earnings Press Release

Second Quarter 2022 Earnings Results

Media Relations: Andrea Williams 212-902-5400

Investor Relations: Carey Halio 212-902-0300

The Goldman Sachs Group, Inc. 200 West Street | New York, NY 10282

Second Quarter 2022 Earnings Results

Goldman Sachs Reports Second Quarter Earnings Per Common Share of $7.73 and Increases the Quarterly Dividend to $2.50 Per Common Share in the Third Quarter

"We delivered solid results in the second quarter as clients turned to us for our expertise and execution in these challenging markets. Despite increased volatility and uncertainty, I remain confident in our ability to navigate the environment, dynamically manage our resources and drive long-term, accretive returns for shareholders."

• David Solomon, Chairman and Chief Executive Officer

Financial Summary

Net Revenues	Net Earnings		EPS
2Q22	$11.86 billion	2Q22	$2.93 billion	2Q22	$7.73
2Q22 YTD	$24.80 billion	2Q22 YTD	$6.87 billion	2Q22 YTD	$18.47

Annualized ROE1	Annualized ROTE1	Book Value Per Share
2Q22	10.6%	2Q22	11.4%	2Q22	$301.88
2Q22 YTD	12.8%	2Q22 YTD	13.6%	YTD Growth	6.2%

NEW YORK, July 18, 2022 - The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of $11.86 billion and net earnings of $2.93 billion for the second quarter ended June 30, 2022. Net revenues were $24.80 billion and net earnings were $6.87 billion for the first half of 2022.

Diluted earnings per common share (EPS) was $7.73 for the second quarter of 2022 compared with $15.02 for the second quarter of 2021 and $10.76 for the first quarter of 2022, and was $18.47 for the first half of 2022 compared with $33.64 for the first half of 2021.

Annualized return on average common shareholders' equity (ROE)1 was 10.6% for the second quarter of 2022 and 12.8% for the first half of 2022. Annualized return on average tangible common shareholders' equity (ROTE)1 was 11.4% for the second quarter of 2022 and 13.6% for the first half of 2022.

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Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Highlights.

• During the quarter, the firm continued to support clients amid an evolving macroeconomic environment and generated solid quarterly net revenues of $11.86 billion, net earnings of $2.93 billion and diluted EPS of $7.73.
• Investment Banking generated quarterly net revenues of $2.14 billion, including strong net revenues in Financial advisory. The firm ranked #1 in worldwide announced and completed mergers and acquisitions and in worldwide equity and equity- related offerings and common stock offerings for the year-to-date.2
• Global Markets generated quarterly net revenues of $6.47 billion, reflecting strong performances in both Fixed Income, Currency and Commodities (FICC) and Equities, particularly in financing.
• Consumer & Wealth Management generated record quarterly net revenues of $2.18 billion, 25% higher than the second quarter of 2021.
• Firmwide assets under supervision3,4 increased $101 billion during the quarter, including inflows of $305 billion from the acquisition of NN Investment Partners (NNIP)5, to a record $2.50 trillion. Firmwide Management and other fees were a record $2.23 billion for the second quarter of 2022, 22% higher than the second quarter of 2021.
• Book value per common share increased by 2.9% during the quarter and 6.2% during the first half of 2022 to $301.88.
• On July 14, 2022, the Board of Directors of The Goldman Sachs Group, Inc. approved a 25% increase in the quarterly dividend to $2.50 per common share beginning in the third quarter of 2022.

Quarterly Net Revenue Mix by Segment

Consumer & Wealth	Investment
Banking
Management
18%
18%

Investment Banking

$2.14 billion

Global Markets

Asset Management 9%

Equities 24%

FICC 31%

	$6.47 billion
FICC	$3.61 billion
Equities	$2.86 billion
	Asset Management
	$1.08 billion

Consumer & Wealth Management

$2.18 billion

Global Markets 55%

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Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Net Revenues

Net revenues were $11.86 billion for the second quarter of 2022, 23% lower than a strong second quarter of 2021 and 8% lower than the first quarter of 2022. The decrease compared with the second quarter of 2021 reflected significantly lower net revenues in Asset Management and Investment Banking, partially offset by significantly higher net revenues in Global Markets and Consumer & Wealth Management.

Net Revenues

$11.86 billion

Investment Banking

Net revenues in Investment Banking were $2.14 billion for the second quarter of 2022, 41% lower than a strong second quarter of 2021 and 11% lower than the first quarter of 2022. The decrease compared with the second quarter of 2021 primarily reflected significantly lower net revenues in Underwriting.

The decrease in Underwriting was due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes. Net revenues in Financial advisory were slightly lower, reflecting a decrease in industry- wide completed mergers and acquisitions transactions. Corporate lending net revenues were significantly higher, primarily due to net gains from hedges related to relationship lending activities and higher net revenues from transaction banking, partially offset by net mark-downs on acquisition financing activities.

The firm's backlog3 decreased compared with the end of the first quarter of 2022.

Investment Banking

$2.14 billion

Financial advisory	$1.20 billion
Underwriting	$588 million
Corporate lending	$352 million

Global Markets

Net revenues in Global Markets were $6.47 billion for the second quarter of 2022, 32% higher than the second quarter of 2021 and 18% lower than the first quarter of 2022.

Net revenues in FICC were $3.61 billion, 55% higher than the second quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products, commodities and currencies, partially offset by significantly lower net revenues in mortgages and credit products. Net revenues in FICC financing were significantly higher, primarily driven by mortgage lending and repurchase agreements.

Net revenues in Equities were $2.86 billion, 11% higher than the second quarter of 2021, due to significantly higher net revenues in Equities financing, primarily reflecting increased activity. Net revenues in Equities intermediation were slightly lower, reflecting significantly lower net revenues in cash products, partially offset by higher net revenues in derivatives.

Global Markets

$6.47 billion

FICC intermediation	$2.84 billion
FICC financing	$768 million
FICC	$3.61 billion
Equities intermediation	$1.73 billion
Equities financing	$1.13 billion
Equities	$2.86 billion

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Goldman Sachs Reports

Second Quarter 2022 Earnings Results

Asset Management

Net revenues in Asset Management were $1.08 billion for the second quarter of 2022, 79% lower than the second quarter of 2021 and 99% higher than the first quarter of 2022. The decrease compared with the second quarter of 2021 reflected net losses in Equity investments and significantly lower net revenues in Lending and debt investments, partially offset by significantly higher Management and other fees.

Macroeconomic concerns and the prolonged war in Ukraine continued to contribute to the volatility in global equity prices and wider credit spreads. As a result, net losses in Equity investments reflected significant mark-to-market net losses from investments in public equities and significantly lower net gains from investments in private equities, compared with a strong prior year period. The decrease in Lending and debt investments net revenues primarily reflected mark-downs on debt securities and loans compared with net gains in the prior year period. The increase in Management and other fees reflected the inclusion of NNIP5 and the impact of fee waivers on money market funds in the prior year period. Incentive fees were higher, driven by harvesting.

Asset Management

$1.08 billion

Management and	$	1.01 billion
other fees
Incentive fees	$	160 million
Equity investments	$(221) million
Lending and debt	$	137 million
investments

Consumer & Wealth Management

Net revenues in Consumer & Wealth Management were $2.18 billion for the second quarter of 2022, 25% higher than the second quarter of 2021 and 3% higher than the first quarter of 2022.

Net revenues in Wealth management were $1.57 billion, 13% higher than the second quarter of 2021, due to higher Management and other fees, reflecting higher placement fees and the impact of higher average assets under supervision, and higher net revenues in Private banking and lending, reflecting higher loan and deposit balances.

Net revenues in Consumer banking were $608 million, 67% higher than the second quarter of 2021, primarily reflecting significantly higher credit card balances and higher deposit balances.

Consumer &

Wealth Management

$2.18 billion

Wealth management	$1.57 billion
Consumer banking	$608 million

Provision for Credit Losses

Provision for credit losses was $667 million for the second quarter of 2022, compared with a net benefit of $92 million in the second quarter of 2021 and net provisions of $561 million in the first quarter of 2022. Provisions for the second quarter of 2022 reflected portfolio growth (primarily in credit cards) and the impact of broad macroeconomic concerns. The net benefit for the second quarter of 2021 reflected reserve reductions as the broader economic environment continued to improve following the initial impact of the COVID-19 pandemic, partially offset by portfolio growth.

The firm's allowance for credit losses was $5.27 billion as of June 30, 2022.

Provision for Credit Losses

$667 million

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