Goldman Sachs Q4 Profit Surges, Tops Market

(RTTNews) - Goldman Sachs Group, Inc. (GS) reported Wednesday higher fourth-quarter profit above market estimates, with strong growth in revenues.

On January 14, the Board of Directors declared a dividend of $3.00 per share, to be paid on March 28 to common shareholders of record on February 28.

For the fourth quarter, net earnings applicable to common shareholders surged 110 percent to $3.92 billion from last year's $1.87 billion. Earnings per share was $11.95, up 118 percent from $5.48 a year ago.

The Wall Street analysts, on average, expected the company to report earnings of $8.35 per share. Analysts' estimates typically exclude special items.

Total net revenues climbed 23 percent to $13.87 billion from prior year's $12.70 billion reflecting higher net revenues across all segments, with significant growth in Global Banking & Markets. The Street was looking for revenues of $12.46 billion for the quarter.

Net revenues grew 9 percent sequentially.

Net revenues in Global Banking & Markets were $8.48 billion, 33 percent higher than last year. Investment banking fees were $2.05 billion, a growth of 24 percent.

Net revenues in Asset & Wealth Management grew 8 percent to $4.72 billion, and the increase was 16 percent in net revenues in Platform Solutions.

Assets under supervision increased 12 percent during the year to $3.14 trillion.

In pre-market activity on the NYSE, Goldman Sachs shares were trading at $586.01, up 2.5 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.