The Goldman Sachs Group, Inc. (NYSE: GS) today reported net revenues of S12.78 billion and net earnings of $3.46 billion for its first quarter ended March 31, 2010. Diluted earnings per common share were $5.59 compared with S3 39 for the first quarter of 2009 and $8.20 for the fourth quarter of 2009 Annualized return on average common shareholders' equity (ROE) was 20.1% for the first quarter of 2010.
Business Highlights
- The firm continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions and public common stock offerings for the year-to-date.
- Fixed Income, Currency and Commodities (FICC) generated quarterly net revenues of $7.39 billion, reflecting strength in the franchise across products and regions.
- The accrual for compensation and benefits expenses was 43.0% of net revenues for tie first quarter of 2010, down from 50.0% for the first quarter of 2009. The ratio of compensation and benefits to net revenues for the first quarter of 2010 is the firm's lowest ever first quarter ratio, 650 basis points tower than the firm's historical reported first quarter average ratio of 49.5%.
- Book value per common share increased 4% during the quarter to $122.52 and tangible book value per common share m increased 3% during the quarter to $111 41.
- The firm continues to manage its capital conservatively. The firm's Tier 1 capital ratio under Basel I was 15.0% as of March 31, 2010. The firms Tier 1 common ratio under Basel I was 12.4% as of March 31, 2010.
«Our performance in the first quarter reflects more signs of growth across the economy and the strength of our client franchise,» said Lloyd С Blankfein, Chairman and Chief Executive Officer. «While we are encouraged by growth prospects for the economy, we continue to put a premium on strong capital and liquidity levels, and disciplined risk management. In light of recent events involving the firm, we appreciate the support of our clients and shareholders, and the dedication and commitment of our people.»
Additional information:
http://www2.goldmansachs.com/our-firm/press/press-releases/current/pdfs/2010-q1-earnings.pdfSource: Goldman SachsDate: 20.04.2010
| | Citi gets approval to issue credit cards in China - 06.02.2012
The China unit of Citigroup Inc said on Monday that it has received regulatory approval to issue credit cards in China, the first non-Asian bank to receive permission.
Source: Reuters |
| |  Three Swiss bankers indicted by U.S. in tax crackdown - 09.01.2012
U.S. authorities are moving toward taking legal action against Wegelin & Co., which could lead to an indictment of one of Switzerland's last pure private banks, on charges that it enabled wealthy Americans to evade taxes, according to two persons with knowledge of the case.
Source: Reuters |
| | Islamic finance assets to hit US$ 1.1 trillion in 2012 - 22.11.2011
Islamic finance assets around the world are expected to climb 33% from their 2010 levels to $1.1 trillion by the end of 2012, boosted by the aftermath of the Arab Spring uprisings and dissatisfaction with conventional finance in the wake of the global debt crisis, consultants Ernst & Young said in a report on Tuesday.
Source: Reuters |
| | Credit union business grows as consumers sour on banks - 07.11.2011
The big banks may have dropped the debit card fees, but the credit unions are the ones picking up the business.
Source: Reuters |
| | Spanish bank ratings downgraded by Fitch and S&P - 12.10.2011
Two leading credit rating agencies have downgraded some of Spain's largest banks, citing a deteriorating outlook for the Spanish economy.
Source: BBC News |
| | Spotlight on Islamic Retail Banking – strategies for fast growing industry - 07.10.2011
Islamic Banking is young but fast growing industry what brings challenges as need for standardization, expanding at the market, lack of public awareness about Islamic Banking (misinterpretation) and limited resources of qualified people in this particular industry.
Source: Fleming Gulf |
| | JBIC inks $43bn credit line pact with Japan banks - 05.10.2011
The Japan Bank for International Cooperation (JBIC) said Wednesday that it has signed separate pacts with three major Japanese banks to give them a combined $43 billion, or Y3.3 trillion, credit line, as part of the government's steps to encourage companies to go ahead with M&As overseas.
Source: Nikkei |
