Apr 14, 2021 (Baystreet.ca via COMTEX) -- Banking giant Goldman Sachs /zigman2/quotes/209237603/composite GS -2.38% noticed its shares move sharply higher at the open on Wednesday, following the release of earnings news.
Net revenues came in at $17.7 billion, with net earnings at $6.84 billion.
Diluted earnings per common share (EPS) were $18.60 for the first quarter of 2021 compared with $3.11 for the first quarter of 2020 and $12.08 for the fourth quarter of 2020.
Annualized return on average common shareholders' equity (ROE)1 was 31.0% and annualized return on average tangible common shareholders' equity (ROTE)1 was 32.9% for the first quarter of 2021.
The bank went on to say Investment Banking generated record quarterly net revenues of $3.77 billion, including record Equity underwriting net revenues and strong net revenues in Financial advisory and Debt underwriting. The backlog ended the quarter at a record level.
Global Markets generated quarterly net revenues of $7.58 billion, 47% higher than the first quarter of 2020, and its highest quarterly net revenues since 2010, reflecting the second highest quarterly net revenues in Equities and strong net revenues in Fixed Income, Currency and Commodities.
Said CEO David Solomon, "We have been working hard alongside our clients in preparation for a world beyond the pandemic and a more stable economic environment. Our businesses remain very well positioned to help our clients reposition for the recovery, and that strength is reflected in the record revenues and earnings achieved this quarter.
"I am proud of our people for the performance they've delivered for clients over the past year under challenging conditions, and pleased that our client-centric strategy continues to drive additional value for our shareholders."
GS shares hurtled higher $10.14, or 3.1%, to $337.83.
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