Goldman Sachs profits smash analyst expectations for first quarter
Goldman Sachs today reported profits far above analyst expectations as revenues came in more than $1bn higher than predicted.
The investment bank reported net revenues of $10.04bn (£7bn) and net earnings of $2.83bn for the first quarter ended March 31, 2018.
Earnings per common share were $6.95, a big jump from the $5.15 reported in the first quarter of 2017, and far beyond the $5.54 consensus.
The bank's annualised return on equity, a measure of profitability for shareholders, rose to 15.4 per cent, up from only 10.71 per cent in the previous quarter.
What Goldman said
Lloyd Blankfein, Goldman's chairman and chief executive, said: “Solid performance across our businesses produced strong returns in the first quarter. We are well positioned to serve our clients as the global economy continues to show strength and central banks unwind certain aspects of policy stimulus.
"We are also broadening our client base and further diversifying our businesses to drive more revenue and earnings growth for the firm.”