(Reuters) – Goldman Sachs’ fourth-quarter profit rose 51%, supported by a recovery in financial markets and revenue from the asset and wealth management business, which offset the bank’s weakness investment.
The group on Tuesday published a profit of $2.01 billion, or $5.48 per share, for the last quarter of 2023, compared to $1.33 billion, or $3.32 per share, a year earlier .
“This year has been a year of execution for Goldman Sachs,” the bank’s chief executive, David Solomon, said in a statement.
“With everything we have achieved in 2023, coupled with our clear and simplified strategy, we have a much stronger platform for 2024,” he added.
The bank’s shares climbed 1.7% in pre-market trading.
Goldman Sachs’ revenue from equities trading jumped 26% in the fourth quarter, while revenue from the asset and wealth management business rose 23% to $4.39 billion, thanks to to gains from investments in stocks and debt securities.
Investment banking fees, on the other hand, fell by 12% compared to last year, to reach 1.65 billion dollars, under the effect of the drop in the number of mergers and acquisitions operations.
Fixed income, currencies and commodities (FICC) trading revenue fell 24% due to weakness in interest rate and foreign exchange products.
(Reporting Niket Nishant in Bangalore and Saeed Azhar in New York; French version Diana Mandiá)
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