by EarningsCallsApp
- Net revenues of $8.81 billion and net earnings of $2.25 billion for Q1 2019.
- EPS $5.71
- Annualized ROE: 11.1%
- Annualized ROTE: 11.7%
- BVPS: $209.07
- TBVPS: $198.25
- Investing & Lending net revenues included record quarterly net interest income in debt securities and loans of $835 million.
- Net Revenue decrease compared with Q1 2018 reflected lower net revenues in Institutional Client Services and Investing & Lending.
- Net revenues in Financial Advisory were $887 million, 51% higher than Q1 2018
- The firm’s investment banking transaction backlog (3) decreased compared with the end of 2018.
- Net revenues in Institutional Client Services were $3.61 billion for Q1 2019, 18% lower than the Q1 2018 and 49% higher than Q4 2018.
- Provision for credit losses was $224 million for Q1 2019, compared with $44 million for Q1 2018 and $222 million for Q4 2018.
- Provision for credit losses for the first quarter of 2019 primarily reflected provisions related to the consumer loan portfolio.
- Operating expenses were $5.86 billion for Q1 2019, 11% lower than Q1 2018 and 14% higher than Q4 2018.
- The firm’s efficiency ratio for Q1 2019 was 66.6%, compared with 65.6% for Q1 2018.
- The decrease in operating expenses compared with Q1 2018 was due to significantly lower compensation and benefits expenses.
- Brokerage, clearing, exchange and distribution fees were lower, reflecting a decrease in activity levels.
- OpEx decreases were partially offset by higher expenses for consolidated investments and technology
- Net provisions for litigation and regulatory proceedings for Q1 2019 were $37 million compared with $44 million for Q1 2018.
- Headcount decreased 2% during the Q1 2019.
- The effective income tax rate for Q1 2019 was 17.2%, up from the full year rate of 16.2% for 2018
- Global core liquid assets averaged $234 billion for Q1 2019, compared with an average of $229 billion for Q1 2018.
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