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Goldman Sachs Beats Q1 Expectations

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Goldman Sachs Group Inc (NYSE: GS) reported stronger-than-expected results for the first quarter.

The New York-based bank posted quarterly net earnings of $2.84 billion, or $5.94 per share, versus a year-ago profit of $2.03 billion, or $4.02 per share.

Its revenue climbed to $10.62 billion. However, analysts were expecting earnings of $4.26 per share on revenue of $9.35 billion.

Revenue from trading fixed income, currencies and commodities jumped 10 percent to $3.13 billion in the quarter.

Net revenue in Investment Banking rose 7 percent to $1.91 billion for the first quarter, while revenue in Institutional Client Services climbed 23 percent to $5.46 billion. Net revenue in Investing & Lending rose 9 percent to $1.67 billion for the first quarter, while revenue in Investment Management came in mostly unchanged at $1.58 billion.

Operating expenses rose 6 percent y/y to $6.68 billion.

During the first quarter, Goldman Sachs repurchased 6.8 million shares of its common stock for a total cost of $1.25 billion.

Annualized return on average common shareholders' equity was 14.7% in the quarter.

As of March 31, 2015, total assets were $865 billion, versus $856 billion as of December 31, 2014.

The average estimate among 74 Estimize users was for earnings of $4.24 per share and revenue of $9.25 billion.

"We are pleased with our results this quarter and the fact that all of our major businesses contributed," said Lloyd C. Blankfein, Chairman and Chief Executive Officer. "Given more normalized markets and higher levels of client activity, we remain encouraged about the prospects for continued growth."

Goldman Sachs shares rose 0.72 percent to $202.55 in pre-market trading.

 

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