Goldman Sachs(US:GS)2025-04-14 11:32Financial Performance - Goldman Sachs reported net revenues of $15.06 billion for Q1 2025, a 6% increase year-over-year and a 9% increase quarter-over-quarter[11]. - Net earnings for Q1 2025 were $4.74 billion, with diluted earnings per share (EPS) of $14.12, compared to $11.58 in Q1 2024[7]. - Total net revenues for Q1 2025 were $15,062 million, a 9% increase from $13,869 million in Q4 2024 and a 6% increase from $14,213 million in Q1 2024[40]. - Net earnings applicable to common shareholders rose to $4,583 million, reflecting a 17% increase from $3,923 million in Q4 2024 and Q1 2024[40]. Revenue Breakdown - Global Banking & Markets generated net revenues of $10.71 billion, up 10% from Q1 2024 and 26% from Q4 2024[13]. - Investment banking revenues decreased to $1,916 million, down 7% from $2,056 million in Q4 2024 and down 8% from $2,085 million in Q1 2024[40]. - FICC intermediation revenues surged to $3,390 million, a 94% increase from $1,750 million in Q4 2024 and a 2% increase from $3,471 million in Q1 2024[40]. - The Americas contributed $9,866 million to total net revenues, representing 66% of the total, consistent with the previous quarter[39]. Expenses and Capital Management - Operating expenses for Q1 2025 were $9.13 billion, a 5% increase from Q1 2024 and a 10% increase from Q4 2024[26]. - Compensation and benefits expenses increased to $4,876 million, a 30% rise from $3,759 million in Q4 2024[40]. - Goldman Sachs returned $5.34 billion of capital to common shareholders in Q1 2025, including $4.36 billion in share repurchases[31]. - The effective income tax rate for Q1 2025 was 16.1%, down from 22.4% for the full year of 2024[31]. Assets and Supervision - Total assets increased to $1,766 billion as of March 31, 2025, compared to $1,676 billion as of December 31, 2024[41]. - Assets under supervision in Asset & Wealth Management increased by $36 billion to a record $3.17 trillion during the quarter[11]. - Total assets under supervision (AUS) increased to $3,173 billion as of March 31, 2025, up from $3,137 billion at December 31, 2024, and $2,848 billion a year ago, representing a year-over-year growth of 11.4%[44]. - The beginning balance of total AUS was $3,137 billion, reflecting a growth from $3,103 billion at the end of the previous quarter[44]. Market Performance and Inflows - Long-term AUS net inflows for the first quarter of 2025 were $29 billion, compared to $22 billion in the previous quarter and $24 billion in the same quarter last year[44]. - Fixed income saw the highest net inflows of $14 billion in Q1 2025, up from $7 billion in Q4 2024 and down from $23 billion in Q1 2024[44]. - The company reported a net market appreciation of $12 billion in Q1 2025, contrasting with a depreciation of $58 billion in the previous quarter[44]. - Alternative investments saw a net inflow of $4 billion in Q1 2025, down from $11 billion in Q4 2024, while equity investments had a net inflow of $11 billion, up from $4 billion in the previous quarter[44]. Capital Ratios and Equity - The common equity tier 1 capital ratio was 14.8% as of March 31, 2025, down from 15.0% as of December 31, 2024[42]. - The total shareholders' equity was reported at $123,354 million, with tangible common shareholders' equity at $101,969 million after accounting for preferred stock and intangible assets[46]. Workforce and Risk Management - The headcount as of March 31, 2025, was 46,600, a 5% increase from 44,400 in Q1 2024[40]. - Average Daily VaR for Q1 2025 was $91 million, a decrease from $96 million in Q4 2024[43]. - Provision for credit losses was $287 million for Q1 2025, down from $318 million in Q1 2024[24].