Goldman Sachs sees Global Markets revenues rise in Q1 2022
The Goldman Sachs Group, Inc. (NYSE:GS) today posted its financial report for the first quarter of 2022.
Net revenues in Global Markets were $7.87 billion for the first quarter of 2022, 4% higher than the first quarter of 2021 and 98% higher than the fourth quarter of 2021.
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.
Net revenues in Equities were $3.15 billion, 15% lower compared with a strong first quarter of 2021, primarily due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were also lower, primarily reflecting higher funding expenses, partially offset by higher average client balances.
Across all segments, net revenues for the first quarter of 2022 amounted to $12.93 billion and net earnings amounted to $3.94 billion.
Diluted earnings per common share (EPS) was $10.76 for the first quarter of 2022 compared with $18.60 for the first quarter of 2021 and $10.81 for the fourth quarter of 2021.
Annualized return on average common shareholders’ equity (ROE) was 15.0% and annualized return on average tangible common shareholders’ equity (ROTE) was 15.8% for the first quarter of 2022.