On April 15, 2024, Goldman Sachs, a leading global financial institution, revealed its earnings report for the first quarter of 2024. The figures presented in this report display strong financial results, highlighted by significant increases in net income, profits, and profits per share.
Key Highlights from Goldman Sachs’ Q1 2024 Earnings:
- Net Revenues: Goldman Sachs posted net revenues of $14.21 billion for the first quarter, marking a 16% increase from the same period in 2023 and a significant 26% rise from the fourth quarter of 2023. This growth is attributed to increased revenues across all segments.
- Global Banking & Markets: This division reported net revenues of $9.73 billion, up 15% from Q1 2023 and an impressive 53% from Q4 2023. The increase was primarily driven by higher investment banking fees and strong performance in fixed-income currencies, commodities, and equities.
- Asset & Wealth Management: The division enjoyed net revenues of $3.79 billion, an 18% increase compared to the first quarter of 2023. Notable growth areas included private banking and lending, equity investments, and management and other fees. Assets under management (AUM) also reached a new high of $2.85 trillion.
- Platform Solutions: Recorded net revenues of $698 million in the first quarter of 2024, showing a 24% increase from the same quarter the previous year. The rise was mainly due to higher revenues in consumer platforms, with increased credit card and deposit balances.
- Financial Performance: The firm achieved an annualized return on average common shareholders’ equity (ROE) of 14.8% and an annualized return on average tangible common shareholders’ equity (ROTE) of 15.9%, demonstrating solid earnings power and efficient capital usage.
- Dividend and Capital Return: The Board of Directors declared a dividend of $2.75 per common share, payable on June 27, 2024, to shareholders of record as of May 30, 2024. During the quarter, Goldman Sachs also returned $2.43 billion of capital to shareholders through repurchases and dividends.
Goldman shares closed at $400.88 (up 2.92%) yesterday.
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2024-04-16 09:15