Goldman Sachs reported a rise in net earnings for the first three months of the year.
Goldman Sachs today reported net earnings attributable to common shareholders of $2.162 billion in the first three months of 2017, surging 80 per cent from a year earlier.
Net revenues, including net interest income, rose to $8.026 billion in the latest quarter, a rise of 27 per cent a year before. In the investment management segment, revenues were $1.397 billion, rising 11 per cent, the Wall Street-listed firm, which provides wealth management to ultra-high net worth individuals, said. Pre-tax net earnings at Goldmans were $2.539 billion in the quarter, a rise of 61 per cent year-on-year.
Within its investment management arm, Goldmans said net revenues were $1.50 billion for the first quarter of 2017, 12 per cent higher on a year earlier but 7 per cent below Q4, 2016. The year-on-year gain was mainly driven by higher incentive and management fees.
During the quarter, total assets under supervision decreased $6 billion to $1.37 trillion. Long-term assets under supervision increased $29 billion, including net market appreciation of $24 billion, primarily in equity and fixed income assets, and net inflows of $5 billion, reflecting inflows in fixed income assets.
Commenting on its investment and lending activities, Goldmans said the rise in net revenues compared with a “weak first quarter of 2016” was primarily due to a “significant increase” in net gains from investments in both private and public equities, which were positively impacted by corporate performance and an increase in global equity prices.