Goldman Sachs reported on Wednesday earnings that exceeded analysts’ first-quarter earnings and earnings estimates.
Strong revenues from commercial and investment banks contributed to the bank’s performance, as did the decline in the bank’s credit reserves. Goldman lost $70 million of its reserves for credit losses in the first quarter of the year when COVID-19 vaccines began reopening the US economy. .
Goldman’s stock rose 2% in Wednesday morning’s operations.
Revenue: $17. 7 billion, for analysts’ average estimate of $12. 6 billion Earnings consistent with participation: $18. 60, for analysts’ average estimate of $10. 22
“We have worked hard together with our clients to prepare for a global environment beyond the pandemic and a stronger economic environment. Our business remains very well located for our customers to reposition for recovery, and this strength is reflected in record revenue and profits. quarter,” Goldman Sachs CEO David Solomon said in a statement.
Goldman’s percentage profit reached $3. 7 billion over the three-month period, 68% more than in the first quarter of 2020 The bank relies more on its commercial offices and business advisory activities than other banks. marketplace the quarter was positive.
Sales from fixed sources of revenue and exchanges provided the bank with $3. 9 billion, up 31% from the same time last year. Investment banking revenues rose to a record $3. 8 billion as the increase in percentage and debt continued.
Goldman closed at $327. 28 on Tuesday, a 24% increase since the start of the year. The bank has 10 “buy” ratings, 15 “withholding” ratings, and two analyst “sell” ratings.