01—Abstract
Summary
Summary of the 10-Q filed May 3, 2024. Cited figures are marked; the original filing is the authoritative source.
Goldman Sachs Group, Inc. (GS) reported strong financial results for the first quarter of 2024, with net earnings of $4.13 billiona, a significant increase from $3.23 billion in the first quarter of 2023.
Diluted Earnings Per Share (EPS) rose to $11.58b from $8.79 year-over-year. The company's net revenues increased by 16% to $14.21 billion, driven by robust performance across all segments, particularly in Global Banking & Markets, which saw higher revenues from investment banking and trading activities.
Asset & Wealth Management also showed solid growth, benefiting from higher assets under supervision and private banking and lending activities. The firm maintained a strong Common Equity Tier 1 (CET1) capital ratio, reflecting its solid capital position and effective risk management.
02—Key points
Key Highlights
- Net earnings increased by 28% year-over-year to $4.13 billion.
- Diluted EPS grew by 32% year-over-year to $11.58.
- Total net revenues rose 16% to $14.21 billion.
- Global Banking & Markets segment saw a 15% increase in net revenues, driven by strong performance in Investment Banking and FICC/Equities activities.
- Asset & Wealth Management net revenues increased by 18%, with notable growth in Private Banking & Lending and Equity Investments.
- Provision for credit losses was $318 million, a substantial increase from the prior year's net benefit of $171 million, indicating a more cautious stance on credit quality.
- The firm returned $2.43 billion to shareholders in the first quarter of 2024 through share repurchases ($1.50 billion) and dividends ($929 million).
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2024filed May 3, 2024Financial Statements
Q1 FY2024 against Q1 FY2023
| Line item | Q1 FY2024Q1 FY2023 | Change |
|---|---|---|
| Interest Expense | $18.18B$13.16B | +38.2% |
| Net Income | $4.13B$3.23B | +27.8% |
| EPS (Basic) | $11.67$8.87 | +31.6% |
| EPS (Diluted) | $11.58$8.79 | +31.7% |
| Shares Outstanding (Basic) | 335.60M346.60M | −3.2% |
| Shares Outstanding (Diluted) | 339.50M351.30M | −3.4% |
05—Questions
Frequently Asked Questions
What was Goldman Sachs's net revenue and net earnings for Q1 2024?
Goldman Sachs reported total net revenues of $14.21 billion and net earnings of $4.13 billion for the first quarter of 2024.
How did the different business segments perform in Q1 2024?
Global Banking & Markets saw a 15% increase in net revenues to $9.73 billion, Asset & Wealth Management's net revenues rose 18% to $3.79 billion, and Platform Solutions' net revenues grew 24% to $698 million.
What was the provision for credit losses in Q1 2024, and how does it compare to the previous year?
The provision for credit losses was $318 million in the first quarter of 2024, a significant increase from a net benefit of $171 million in the first quarter of 2023. This indicates a more conservative approach to credit risk management and potential concerns about loan portfolio quality.
How is Goldman Sachs returning capital to shareholders?
In the first quarter of 2024, Goldman Sachs returned $2.43 billion to common shareholders, comprising $1.50 billion in common share repurchases and $929 million in common stock dividends.
06—Continue