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For the first quarter, the bank posted adjusted earnings per share of $ 5.71 against $ 4.99 estimated by analysts.
Revenues for the quarter were $ 8.81 billion, without analysts' forecasts of $ 8.97 billion. The figure of $ 8.81 billion represents a decrease of 13% compared to the revenues recorded in the first quarter of 2018. The decrease reflects the decline in revenues from institutional customer services and investment and lending activities. .
In a statement, CEO David Solomon said Goldman Sachs was "focused on new opportunities to grow and diversify our mix of businesses and serve a wider range of clients globally. With the improved dynamics of our business, we are confident that Goldman Sachs will generate attractive returns for our shareholders. "
Goldman's results largely reflect what analysts had already anticipated: a difficult quarter for the big banks, given the volatility of the markets.
In breaking down the results, net income from Fixed Income, Currencies and Commodities (FICC) fell 11% year-over-year to $ 1.84 billion. The drop in FICC is attributable to "the decline in net revenues generated by interest rate products, currencies and credit products".
Elsewhere, stock-trading revenue fell 24% from last year, to $ 1.77 billion, mainly because of net revenues. lower "related to the execution by customers of the shares, especially derivatives. In addition, transaction volumes had a smaller impact on fees and commissions.
"During the quarter, equities evolved in an environment characterized by improving market conditions. However, customer activity and volatility levels both decreased compared to the fourth quarter of 2018, "said the bank.
At the same time, Investment Bank revenues, which are part of Goldman's bread and butter, remained stable at $ 1.81 billion compared to the first quarter of the previous year, less than in the fourth quarter of 2018.
Within Investment Banking, revenue from financial advisory services increased 51% year-over-year to $ 887 million due to an increase in mergers and acquisitions. However, underwriting revenues fell 24% to $ 923 million due to lower IPOs and lower leveraged financing transactions.
Goldman also increased its quarterly dividend to 85 cents per share.
Goldman's shares briefly appeared in pre-market transactions, but tended to drop in front of the bell.
Here is a breakdown of the net business activity of Goldman Sachs' business segments during the first quarter.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Julia La Roche is a finance reporter at Yahoo Finance. To follow her Twitter."data-reactid =" 43 ">Julia La Roche is a finance reporter at Yahoo Finance. To follow her Twitter.
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