Goldman Sachs (NYSE:GS) has revealed that Q1 2024 earnings have topped analyst expectations.
Goldman reported net revenues of $14.21 billion and net earnings of $4.13 billion for the quarter ended March 31st.
Earnings per common share (EPS) was $11.58, and annualized return on average common shareholders’ equity (ROE) was 14.8% for the first quarter.
Goldman said that Q1 net revenues were higher year over year across all segments of its business. Net revenues increased by 16% compared to the same quarter last year and by 26% compared to Q4 2023.
Investment banking fees jumped by 15% year over year and by a whopping 53% when compared to Q4 2023.
Platform solutions, Goldman’s spin on Fintech, saw revenue increase by 21% versus Q1 2023 and increased by 24% versus Q4 2023. While revenue increased, this segment reported a net loss of $92 million. This was a significant improvement over last year’s Q4 results. Goldman continues to provide services to Apple (NASDAQ:AAPL), which, in many respects, is the largest Fintech in the world.
Goldman said that consumer platforms delivered higher average credit card balances and higher average deposit balances. Platform Solutions, during Q1 2024, reported total assets of $59 billion, a loan balance of $17 billion, and a net interest income of $674 million.
Goldman pointed to quarter highlights as follows:
- Global Banking & Markets generated quarterly net revenues of $9.73 billion, driven by strong performances in Investment banking fees, Fixed Income, Currency, and Commodities (including record quarterly net revenues in financing), and Equities (including the second highest quarterly net revenues in financing).
- The firm ranked #1 in worldwide announced and completed mergers and acquisitions for the year to date.
- Asset & Wealth Management generated quarterly net revenues of $3.79 billion, including record quarterly Management and
other fees. - Assets under supervision3 increased $36 billion during the quarter to a record $2.85 trillion.
- Book value per common share increased by 2.4% during the quarter to $321.10.
Goldman declared a dividend of $2.75 per common share to be paid on June 27, 2024, to shareholders of record on May 30, 2024.
Goldman will hold its earnings call at 930AM today. Shares have risen by over 3% in pre-market trading.
