Goldman Sachs has posted net earnings applicable to common shareholders of $2.15bn for the fourth quarter of 2016, a huge surge compared to $574m in the corresponding quarter of 2015. Diluted earnings per common share were $5.08 compared with $1.27 a year ago.
Net revenues for the quarter ended 31 December 2016 were $8.17bn, up 12% compared to $7.27bn a year ago. The company’s net provisions for litigation and regulatory proceedings were $147m compared to $1.95bn in the fourth quarter of 2015.
Go deeper with GlobalData
Net revenues in Investment Management unit stood at $1.61bn, a rise of 3% compared to the parallel quarter of 2015.
Management and other fees were essentially unchanged compared to the prior year, reflecting the impact of higher average assets under supervision, offset by shifts in the mix of client assets and strategies. The unit’s total assets under supervision during the quarter rose $32bn to $1.38 trillion.
Net revenues in Institutional Client Services division were $3.6bn for the fourth quarter of 2016, a 25% surge compared to the fourth quarter of 2015. Net revenues in Fixed Income, Currency and Commodities Client Execution jumped 78% year-on-year to $2bn.
Goldman Sachs chairman and CEO Lloyd Blankfein said: “After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“We continued to manage our expenses carefully and we enter the new year with industry leading positions across our businesses, as well as strong capital and liquidity.”
