Goldman Sachs (GS) reported first-quarter earnings results on Wednesday that far exceeded analysts’ expectations, as an incipient economic and investment banking boom helped the bank reap record revenue.
Here are the key figures versus expectations, according to Bloomberg:
Adjusted earnings per share (EPS): $18.60 per share vs. $10.07
Revenue: $17.70 billion vs. $12.55 billion
Goldman’s record quarterly net revenues of $17.7 billion were more than double the comparable year-ago quarter.
Goldman’s investment banking business posted a record quarter with revenues of $3.77 billion, with equity underwriting hitting a record. Investment banking accounted for 21% of Goldman’s quarterly revenue.
The firm’s global markets business posted revenues of $7.58 billion, up 47% from the same quarter a year ago and its highest quarter since 2010. Revenue for FICC hit $3.89 billion, while equities revenue hit $3.69 billion. FICC and equities combined accounted for 43% of the firm’s quarterly revenue.
Asset management delivered revenue of $4.61 billion, while the consumer and wealth management division reported revenue of $1.74 billion.