Reports

Net Earnings Rise At Goldman Sachs In Q1

Tom Burroughes, Group Editor, London, 18 April 2017

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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. 

 

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