BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Goldman Sachs Surpasses Expectations in Q1 2024, Stock Price Rises by 3%
NEW YORK, April 15, 2024 — The Goldman Sachs Group, Inc. (NYSE: GS) today reported impressive financial results for the first quarter ended March 31, 2024, with a substantial increase in earnings and revenues. The company's stock price responded positively, climbing 3% as investors reacted favorably to the strong earnings report.
Robust Financial Performance
Goldman Sachs announced net revenues of $14.21 billion for the quarter, representing a 16% increase from the first quarter of 2023 and a 26% rise from the fourth quarter of 2023. The firm's net earnings reached $4.13 billion, and diluted earnings per common share were reported at $11.58. Additionally, the annualized return on average common shareholders’ equity was a robust 14.8%.
Key Revenue Drivers
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Global Banking & Markets: The segment generated $9.73 billion, driven by significant activity in investment banking fees, which totaled $2.08 billion—a 32% increase year-over-year. This was supported by strong performances in debt underwriting, particularly in leveraged finance, and in advisory services due to an uptick in mergers and acquisitions.
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Asset & Wealth Management: This sector reported net revenues of $3.79 billion, marking an 18% increase from the first quarter of 2023. The growth was fueled by higher management and other fees, which reached a record of $2.45 billion for the quarter.
Operational Highlights
The quarter also saw a 24% increase in revenues from Consumer platforms within the Platform Solutions segment, which rose to $698 million. This was primarily due to higher average credit card and deposit balances.
Provisions and Expenses
The provision for credit losses was $318 million, a stark contrast to a net benefit of $171 million in the first quarter of 2023. Operating expenses were slightly up by 3% year-over-year, totaling $8.66 billion, reflecting higher compensation and benefits due to improved operating performance and transaction-based expenses.
Strategic and Capital Actions
Goldman Sachs continues to execute on its strategic priorities, strengthening its core operations and client services. During the quarter, the firm returned $2.43 billion of capital to shareholders, including $1.50 billion through common share repurchases and $929 million via dividends. The Board of Directors also declared a quarterly dividend of $2.75 per common share.
Market Reaction and Forward Outlook
The market reacted positively to Goldman Sachs' strong quarterly performance, with shares increasing by 3%. Looking ahead, Goldman Sachs remains focused on leveraging its global platform and financial expertise to further enhance shareholder value and maintain its leadership in the financial services industry.
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