Goldman Sachs Posts $12.93 Billion in Net Revenues during Q1 2022

Goldman Sachs Group, NYSE-listed financial services giant, has recently published its financial results for the first quarter of 2022. For the reported period, the Group’s net revenues reached $12.93 billion, which is 27% lower compared to the first quarter of 2021.

Investment Banking generated net revenues of $2.41 billion in the first quarter of 2022. According to Goldman Sachs, the performance was driven by strong growth in Financial Advisory. In terms of diluted earnings per share (EPS), the figure reached $10.76. During the same period in 2021, Goldman Sachs reported a diluted EPS of $18.60.

“It was a turbulent quarter dominated by the devastating invasion of Ukraine. The rapidly evolving market environment had a significant effect on client activity as risk intermediation came to the fore and equity issuance came to a near standstill. Despite the environment, our results in the quarter show we continued to effectively support our clients, and I am encouraged that our more resilient and diversified franchise can generate solid returns in uncertain markets,” David Solomon, the Chairman and Chief Executive Officer at Goldman Sachs, commented.

In March 2022, Goldman Sachs and other leading global financial firms decided to close their businesses in Russia.

Global Markets

In the first quarter of 2022, Global Markets generated net revenues of $7.87 billion for Goldman Sachs. The figure was 4% higher compared to Q1 of 2021 and 98% higher compared to the fourth quarter of 2021. According to Goldman Sachs, the number reflects strong performance in equities and FICC.

“Net revenues in FICC were $4.72 billion, 21% higher than the first quarter of 2021, primarily reflecting higher net revenues in FICC intermediation, driven by significantly higher net revenues in currencies and commodities, partially offset by significantly lower net revenues in mortgages and credit products. Net revenues in interest rate products were essentially unchanged. Net revenues in FICC financing were significantly higher, primarily from mortgage lending,” Goldman Sachs highlighted.