Notes
“Tariffs are unlikely to result in much reshoring because production costs in other countries are well below the U.S.’ for most products (even after accounting for tariffs), and China will likely continue to grow its exports on the back of cost advantages and industrial policy support,” Goldman Sachs, $GS, has said.
$GS - GOLDMAN SACHS (GS) Q1 RESULTS
🔸 Revenue: $15.06B (+6% y/y, beat $14.76B est.)
🔸 EPS: $14.12 (vs. $11.58 y/y)
🔸 FICC trading: $4.40B (miss $4.47B est.)
🔸 Equities trading: $4.19B (beat $3.8B est.)
🔸 Global Banking & Markets: $10.71B (+10% y/y, beat $10.42B est.)
🔸 Investment banking: $1.92B (-8.1% y/y, miss $2.03B est.)
🔸 Advisory: $792M (-22% y/y, miss $910M est.)
🔸 Equity underwriting: $370M (in line)
🔸 Debt underwriting: $752M (+7.6% y/y, beat $699M est.)
🔸 Net interest income: $2.90B (beat $2.28B est.)
🔸 Platform Solutions earnings: +$25M (vs. est. -$106M)
🔸 Deposits: $471B (+8.8% q/q)
🔸 Provision for credit losses: $287M (better than $410M est.)
🔸 Operating expenses: $9.13B (+5.4% y/y, in line)
🔸 Compensation: $4.88B (+6.3% y/y)
🔸 ROE: 16.9% (beat 14.9% est.)
🔸 ROTE: 18% (beat 16.1% est.)
🔸 CET1 ratio: 14.8% (slight miss vs. 15% est.)
🔸 Book value/share: $344.20 (up from $321.10 y/y)
🔸 Efficiency ratio: 60.6% (better vs. 61.6% est.)
🔸 AUM: $3.17T (+11% y/y, beat $3.15T est.)
🔸 Net inflows: $24B (vs. $15B outflows y/y, miss $34B est.)
🔸 Loans: $210B (beat $197.6B est.)