Goldman Sachs: 4th quarter much better than expected

(CercleFinance.com) - Goldman Sachs reported much better-than-expected Q4 results on Wednesday, thanks in particular to the strength of its investment banking and equity trading activities.


Net income for the last three months of the year was $4.11 billion, or $11.95 per share, compared with around $3 billion ($8.40 per share) a year earlier.

For comparison, the consensus was for earnings per share of $8.35.

Net banking income (NBI) rose by 23% to $13.87 billion, compared with analysts' expectations of around $12.5 billion.

Income from the investment bank, which generates lucrative commissions, climbed by 24% to $2.05 billion, boosted by IPO and private placement transactions.

Equity trading revenues jumped 32% to $3.45 billion, but it was the FICC division (bonds, forex, commodities) that posted the most spectacular growth, with a 35% increase in activity to $2.74 billion.

In a press release, David Solomon, CEO of the New York-based firm, declared himself "delighted" with this performance, pointing out that the bank had achieved all its objectives set five years ago, resulting in a 50% increase in revenues in the intervening period.

In pre-market trading on Wall Street, the stock gained more than 2.5%.

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