(CercleFinance.com) – Goldman Sachs reported on Tuesday a better-than-expected quarterly profit thanks to the dynamism of its activities in asset management and wealth management, which more than offset the weakness of its businesses in investment banking and markets.
The New York firm’s net profit stood at $1.87 billion, or $5.58 per share, for the fourth quarter, compared to $1.18 billion – or $3.32 per share. – for the same period of the previous year.
For comparison, analysts on average were targeting EPS down to $3.20.
The asset management and wealth management arm saw its net revenues climb 23% to $4.39 billion thanks to investment gains, while the fourth quarter of 2022 ended with investment losses .
Revenues from investment banking – which includes market activities – on the other hand fell by 3% to $6.35 billion, penalized by limited activity in mergers and acquisitions operations and by the decline in investment rates. ‘interest.
With the rebound in world stock markets at the end of the year, net income from equity markets increased by 26% to $2.61 billion.
In total, Goldman Sachs reported net income of $11.32 billion for the quarter, an increase of 7% from the previous year, compared to a consensus of $9.85 billion. .
Following these announcements, the stock increased by 1.4% in pre-market quotes Tuesday morning on Wall Street.
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