Goldman Sachs Q1 2019 Earnings Breakdown

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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