Goldman Sachs’ Q1 net revenue totals $14.21B
15 Abril 2024 - 3:36PM
IH Market News
Goldman Sachs Group Inc. (NYSE:GS) announced on Monday that its
net revenue for the first quarter of 2024 was $14.21 billion, while
net earnings were $4.13 billion.
According to the report, diluted earnings per common share (EPS)
stood at $11.58, and the annualized return on average common
shareholders’ equity (ROE) was 14.8% for the there months to March
31, 2024.
“Our first quarter results reflect the strength of our
world-class and interconnected franchises and the earnings power of
Goldman Sachs. We continue to execute on our strategy, focusing on
our core strengths to serve our clients and deliver for our
shareholders,” David Solomon, Chairman and CEO of Goldman Sachs
said.
Goldman Sachs shares rose more than 2% following the earnings
report’s release trading in New York.
Executives at rivals JPMorgan Chase and Citigroup cited
improving conditions for dealmaking on Friday when the lenders
reported profits that beat market expectations.
As a leading advisor for mergers and acquisitions, Goldman has
advised on some of last year’s biggest deals, including Exxon
Mobil’s $60 billion purchase of Pioneer Natural Resources.
With corporations regaining some confidence to raise money in
capital markets, equity and bond underwriting business
rebounded.
The Federal Reserve has so far managed to steer the economy
toward a so-called soft landing, in which it raises interest rates
and tames inflation while avoiding a major downturn.
Higher fees from underwriting debt and stock offerings as well
as advising on deals lifted Goldman’s investment banking fees up
32% to $2.08 billion.
Revenue from trading in fixed income, currencies and commodities
rose 10% to $4.32 billion, while equities revenue jumped 10% to
$3.31 billion.
Global volume of mergers and acquisitions climbed 30% in the
first quarter to about $755.1 billion from a year ago, according to
data from Dealogic.
Platform solutions, the unit that houses some of Goldman’s
consumer operations, garnered 24% higher revenue.
Goldman is slimming down its ill-fated consumer banking
operations after they lost billions of dollars. It has already
taken big writedowns on GreenSky, a home improvement lender it
bought and sold two years later.
CEO Solomon, who once championed the retail push, has drawn
criticism for the strategy.
Top proxy adviser Institutional Shareholder Services (ISS) urged
shareholders to vote for the bank to split its chairman and CEO
roles, both of which are currently held by Solomon. ISS cited his
“missteps and steep losses” in a report to investors.
Goldman has also scrapped its co-branded credit cards with
General Motors, and a similar partnership it has with tech giant
Apple is facing an uncertain future.
The bank’s provisions for credit losses jumped to $318 million
compared to a net benefit of $171 million a year ago, due to
potential defaults in credit cards and wholesale loans.
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