Pre-Tax Earnings, Revenues Rise At Goldman Sachs

Tom Burroughes Group Editor 17 January 2019

Pre-Tax Earnings, Revenues Rise At Goldman Sachs

The group reported stronger results with record net revenues at its investment management business.

Goldman Sachs has reported net revenues of $36.62 billion and pre-tax earnings of $12.48 billion for 2018, a 12 per cent year-on-year rise.

Investment management produced record net revenues of $7.02 billion in 2018, 13 per cent higher on a year before, including record management and other fees. Assets under supervision of $1.54 trillion included net inflows of $89 billion during the year, with net inflows of $37 billion in long-term assets under supervision, the US-listed firm said in a statement yesterday.

Diluted earnings per share of $25.27 was a record and return on equity at 13.3 per cent was the highest level since 2009, it said.

The Wall Street firm said that the increase in net revenues compared with 2017 was primarily due to significantly higher incentive  fees. Management and other fees also rose.

Total assets under supervision reached $1.54 trillion, up by 48 billion. Long-term assets under  supervision fell by $4  billion, including net market declines of $41 billion as markets sold off.

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